NOIDA: As the Noida authority approves the resolution plan, the Max Group is all set to take over the 3C Group’s Delhi One project that consists of a five-star hotel, service apartments and office space at Delhi-Noida border. Now Max Group will take over and develop the project and pay ₹ 542 crore to the Noida authority to take over the Delhi One project located in Sector 16A. The authority board has approved the settlement under which the Max Estate will pay ₹ 542 crore out of ₹ 932.
68 crore total dues owed by realtor of Delhi One, along with the interest. The Max Estate will have to pay ₹ 613 crore to the Noida authority. “The authority board has approved three years additional time to build this project for free.
We will implement the decisions taken in the board meeting,” said Lokesh M, chief executive officer, Noida authority. The national company law tribunal (NCLT) had on February 27, 2023 approved the resolution plan of Max Estate Limited, the real estate arm of Max Group for delayed ‘Delhi One’ residential project of Boulevard projects private limited, a 3C Group company. It paved the way for taking over of this Noida’s luxurious realty project, located at Delhi-Noida border just next to DND Flyway.
Subsequently, the Max Estate requested the Noida authority to approve the plan that has now been given a green signal by the board on July 12, 2024. The minutes of the meeting were released on Monday evening, said officials. The Max Estate Limited had .