Synopsis

A luxury apartment in Noida sold for thirty-seven crore rupees. This transaction highlights growing demand for managed communities and prime locations. Max Estates acquired a project with significant development potential. The developer expects substantial revenue from fresh sales and existing customers. Noida is becoming a premium real estate destination for executives.

New Delhi: Redrose Vanijya LLP, a firm where Riju Jhunjhunwala, part of Indian business conglomerate LNJ Bhilwara group, is one of the directors, has bought a 10,000 sq ft apartment for Rs 37 crore at Max Group's recently launched project in Noida.

The transaction highlights the growing preference of managed communities and willingness to pay for apartment at prime location.

This is the costliest single unit apartment in Noida.

In April 2025, Max Estates completed the acquisition of Boulevard Projects Private Limited, pursuant to a resolution plan approved by NCLT and NCLAT.

In February 2023, the National Company Law Tribunal (NCLT) had approved a resolution plan for Max for developing a commercial plot measuring 34,697 sq mtrs in Noida under the project name ‘Delhi One’.

The tribunal had asked the developer to seek the authority's approval for implementing the plan.

The Noida Authority needed to recover dues of about Rs 932 crore on the project, but as per the resolution plan, Max had to pay around Rs 325 crore.

This project has the potential to add 2.5 million sq ft of additional development footprint to the portfolio of Max Estates, of which about 1.2 million sq ft is unsold.

Max will develop 500,000 sq ft of residential, and the balance will be commercial and retail, which will add Rs 120 crore of rental income to the company’s portfolio.

The company is expecting Rs 2,000 crore in revenue, of which Rs 500 crore is receivable from existing customers, while Rs 1,500 crore will be from fresh sales.

It will deliver the project in 3-5 years.

Noida is now transitioning into a premium and luxury real estate destination with apartment priced as high as Rs 40 crore being launched and sold, with demand coming from top executives of company’s setting up base here.

Recently, a luxury bare-shell apartment of 10,000 sq. ft. at Prateek Edifice in Sector 107, Noida, has been sold for approximately Rs 20 crore.

M3M, Max, Gulshan and County group are coming up with luxury residences in Noida where the average selling price is ranging from Rs 25,000 per sq ft to Rs 35,000 per sq ft.

Hoping to cash on the influx of corporates with the opening of airport, builders are tying up with hospitality companies to manage these high-end residences.

A key catalyst in Noida’s transition of becoming an ultra luxury hub has been the rise of branded developments. Partnerships with global hospitality and lifestyle brands are introducing a new layer of credibility, service, and long-term asset value, which resonates strongly with today’s discerning buyers.