India, Aug. 29 -- Max Estates, the real estate arm of the Max Group, has announced its entry into the Delhi real estate market's residential segment with plans to acquire an 84.71-acre land parcel in West Delhi through a non-cash share swap deal.

The transaction is expected to unlock a development opportunity with an estimated gross development value (GDV) of Rs.10,000 crore to Rs.12,000 crore over the next few years, according to the company statement.

The company will acquire the land by taking over nine promoter-owned companies that hold the parcels. Instead of paying cash for the land, Max Estates will issue up to 70 lakh equity shares at Rs.597.50 per share to the shareholders of these land-owning companies. The total transaction v...