Max Estates' Max One in Sector 16B has sold at ₹37,000 per sq ft, the highest recorded sale value in Noida, on a project revived after nearly a decade sitting stalled.
Noida's luxury housing ceiling just moved. Max Estates confirmed during its Q1 FY27 earnings call that its ultra-luxury mixed-use project Max One, in Sector 16B, has achieved a sale value of ₹37,000 per sq ft, excluding GST, which the company says is the highest recorded in Noida. If you're trying to put that in context, general apartment rates in the same Sector 16B currently run between ₹5,800 and ₹7,950 per sq ft, meaning Max One is selling at somewhere between four and six times the sector's baseline.
Sahil Vachani, vice chairman and managing director of Max Estates, told analysts on the call that the project was "progressing well" following the company's acquisition and subsequent regulatory clearances.
What makes this number worth pausing on is where the project came from. Max One was previously known as Delhi One, a development that sat stalled for close to nine years after its earlier developer ran into insolvency. Max Estates acquired the site, pushed it through fresh regulatory clearances, and relaunched it under UP RERA registration UPRERAPRJ9759. Vachani described the process as delivering "a decade's worth of relief" to homebuyers who had been stuck with the earlier, failed development, a detail that matters if you're trying to understand why this project carries so much weight for the company beyond its price tag.
If you're doing the math on what this means at typical unit sizes, a 2,000 sq ft home would come to roughly ₹7.4 crore before GST, registration, stamp duty, and other charges, while a 3,000 sq ft residence would land around ₹11.1 crore. Given Max One's apartments reportedly run closer to 10,000 sq ft with 4 and 5 BHK layouts, actual ticket sizes are considerably higher, other listings for the project put base prices closer to ₹35-38 crore per unit. Worth being direct here: the ₹37,000 figure is a sale price, not the full effective cost, taxes, registration, and project-specific charges all sit on top of it separately.
Max One spans roughly 10 acres with a development potential of about 2.5 million sq ft, and Max Estates pegs its gross development value at approximately ₹3,200 crore, plus an estimated ₹145 crore in potential annuity income from its commercial component. The development combines ultra-luxury residences with Grade A office space, high-street retail, and club facilities, positioned close to the Delhi-Noida border with connectivity via the DND Flyway.
On the same earnings call, an analyst pressed management on sales velocity, noting that 50-70% of inventory had sold within six months at some of Max Estates' other projects, and asked whether that pace could hold for Max One specifically. Management didn't offer forward sales guidance, saying only that it remained "extremely optimistic and confident" given the company's track record and brand strength, adding that roughly half the quarter's sales came from sustenance sales at existing projects and half from the new launch.
If you're watching how far Noida's premium end has moved, this is a genuinely useful data point: Noida has traditionally been positioned as the more affordable alternative to South and Central Delhi, and a ₹37,000 per sq ft transaction changes that comparison meaningfully, even if it's concentrated in one ultra-luxury project rather than reflecting the broader market.
A headline price like this shouldn't be read as a signal on its own, though. If you're evaluating a purchase anywhere near this price point, the more useful questions are what comparable projects are actually charging, what rental yield the property could realistically generate, and how easily it could be resold, since ticket sizes this large mean the opportunity cost of getting any of those wrong is considerably higher than at typical price points.
Max Estates' broader financial position adds some context to how much weight to put on this quarter's numbers. Rating agency ICRA recently assigned the company its first-ever issuer rating, A+ with a stable outlook, citing permitted receivables of nearly ₹9,500 crore as of March 2026 and a cash-flow adequacy ratio of around 105%.
As of June 2026, the company held ₹1,727 crore in cash and cash equivalents against net debt of just ₹234 crore, with its three operating commercial assets fully leased. It's the kind of balance sheet that makes a single ultra-luxury project's pricing feel less like a one-off marketing number and more like a company with the financial room to actually see it through.
