Realty firm Max Estates has announced its entry into Delhi’s residential real estate market through the acquisition of an approximately 84.71-acre land parcel in West Delhi’s Najafgarh in a non-cash share-swap transaction.

The deal offers an estimated gross development value (GDV) of Rs 10,000-12,000 crore over the next few years, the Noida-headquartered developer said in a regulatory filing with the exchanges.

As part of the transaction, Max Estates will acquire 100 per cent ownership of nine land-owning companies, which will become its wholly owned subsidiaries.

The transaction will be structured as a non-cash swap, with the consideration to be discharged through a preferential issue and allotment of approximately 70 lakh fully paid-up equity shares of face value Rs 10 each at an issue price of Rs 597.50 per share.

The total consideration will aggregate up to Rs 420.2 crore, requiring no cash outflow.

“The company values the land at about Rs 4.95 crore per acre, while its land cost is estimated at below 5 per cent of GDV versus a typical 20-25 per cent for cash land purchases,” the company said.

The transaction also extends Max Estates’ residential footprint beyond its existing Noida and Gurugram portfolio into Delhi for the first time, diversifying the company’s geographic base across all three core NCR markets.

Max Estates disclosed that the land parcel is subject to development under the Master Plan for Delhi (MPD) 2047.

“The proposed development is expected to comprise 4-6 million square feet (msf) of developable area at a floor area ratio of around 2.0, with an indicative land cost of nearly Rs 1,000 per saleable square feet,” the developer said, adding that the estimates remain subject to final layouts and regulatory approvals.

The firm added that the parcel can support phased development over several years, potentially combining residential, retail, social and community infrastructure.

The company currently has a residential pipeline of Rs 16,150 crore GDV from Q2FY27 and is targeting its next phase of growth in pre-sales and pipeline expansion.

Max Estates said this would require continuous replenishment of developable land in a market where large, contiguous parcels are increasingly scarce.

“The Delhi parcel, one of the few remaining assemblies of this scale within the region, gives us first-mover access to this constrained pipeline on terms not replicable through an open market purchase,” the company said in the exchange filing.

Commenting on the deal, Sahil Vachani, vice-chairman and managing director of Max Estates, said the land parcel sits at the heart of Delhi’s westward urban expansion under MPD 2047, with strong land-pooling momentum and improving connectivity through UER-II, Dwarka and IGI Airport.

“At this scale, the parcel gives us a multi-year, phase-able pipeline that directly addresses the land-bank visibility, while remaining significantly accretive for all our shareholders,” he added.