Noida Refuses Waiver on Rs. 67 Cr CIC for Max Estates' Delhi One

The Noida Authority has rejected Max Estates' request to waive Rs. 67 crore in Change in Constitution (CIC) charges tied to the transfer of the stalled Delhi One realty project in Sector 16B, Noida.

The waiver plea was denied during the authority’s June 14 board meeting, which reaffirmed that all dues must be paid under the newly adopted Unified Policy. Max Estates, part of the Max Group, had acquired Delhi One through the corporate insolvency resolution process (CIRP), approved by the National Company Law Tribunal (NCLT).

Key Highlights

• Rs. 67 Cr CIC waiver denied by Noida Authority for Delhi One transfer.
• Max Estates acquired project via NCLT insolvency resolution.
• Authority permits waiver only if court mandates it.

The project, originally developed by Boulevard Projects Pvt Ltd, had total claims of over Rs. 932 crore. However, only Rs. 325 crore was accepted as part of the resolution plan. In a revised offer, Max Estates agreed to pay Rs. 613 crore over three years, which was accepted in principle by the authority.

In parallel, Max Estates appealed to the Allahabad High Court for a waiver on CIC charges, arguing that the transfer was not a routine commercial transaction but part of a court-directed revival effort benefiting homebuyers. The court directed the authority to decide within four weeks.

Also Read: Max Estates Acquires Stalled 'Delhi One' Project - Invests Rs. 1,400 Crore

Despite a Rs. 22 crore offer in escrow, the Board decided to uphold the full Rs. 67 crore CIC liability. However, it stated waivers can be considered only under court directive. Max has paid the first instalment of Rs. 135 crore and was granted a three-year extension to complete the long-delayed project.