New Delhi: Max Estates Ltd (MEL), the real estate arm of the Max Group, said it has achieved over ₹1,900 crore in pre-sales in Gurugram year-to-date, buoyed by the launch of Estate 361, its forest-anchored residential project with a gross development value (GDV) of ~₹2,500 crore and average realisations of around ₹22,000 per sq ft, a premium to the micro-markets.
The company announced the numbers while reporting its unaudited Q3 and 9M FY26 performance. Estate 361, spread over 18.23 acres, is positioned as a wellness-led community with senior living residences managed by Antara and an integrated wellness centre, and has seen strong early demand, management said.
On the commercial side, MEL reported strong leasing momentum, highlighted by a binding LOI to pre-lease ~200,000 sq ft at Max District, Gurugram, delivering ₹270+ crore in gross rentals over the lease term. The deal was concluded three years ahead of completion and at a 35%+ premium to prevailing market rents, underscoring tenant appetite for grade-A assets, the company said.
The developer is also expanding its residential footprint. It has entered Gurugram’s luxury segment by securing development rights for a 7.25-acre parcel in Sector 59 with a potential GDV of over ₹3,000 crore, targeted for launch in Q4 FY27.
In Noida, planned launches—Max One, Sector 16B and a project in Sector 105—could together add about ₹5,000 crore of GDV in Q4 FY26. Post the Estate 361 launch, MEL’s secured launch pipeline stands at ~₹14,500 crore GDV, with an ambition to add 2 million sq ft in residential development every year.
In mixed-use and commercial, Max One in Noida (2.5 million sq ft) is slated for Q4 FY26 with ₹2,000+ crore GDV and ~₹120 crore annuity potential, while the Sector 105 Noida acquisition offers 2.6 million sq ft of development with phase-1 GDV potential of ₹3,000+ crore. Operational assets—Max Towers, Max House (Ph I & II) and Max Square—are running at 100% occupancy, and the overall commercial portfolio is projected to deliver ₹723 crore+ in annuity rentals over five years on a 100% basis.
MEL also said it has initiated solar power sourcing at Max Square, marking the first step towards its target of shifting 50% of portfolio energy usage to renewables by 2030, in line with India’s Panchamrit climate goals.
For 9M FY26, the company reported consolidated revenue of ₹150 crore, EBITDA of ₹27 crore, PBT of ₹29 crore and PAT of ₹20 crore. Lease rental income rose 38% year-on-year to ₹115 crore. As of December 2025, debt stood at ₹1,698 crore, with cash and equivalents of ₹1,284 crore, implying net debt of ~₹414 crore.
Commenting on the performance, Vice Chairman & MD Sahil Vachani said the response to Estate 361 validates the company’s wellness-led ‘LiveWell’ strategy, while premium pre-leasing at Max District reinforces the strength of its WorkWell commercial portfolio and balance-sheet-backed expansion plans.
For investors, the near-term focus remains on execution across the Noida and Gurugram pipeline, sustaining leasing momentum, and scaling annuity income—while keeping leverage in check as the development cycle accelerates.