Image Source : Max Estates
Max Estates Ltd has announced the resignation of Chief Operating Officer Rishi Raj, effective September 30, 2025. The move marks the end of a pivotal chapter in the company’s growth story, as Raj exits after steering the real estate firm through a period of aggressive expansion, strategic repositioning, and operational excellence. His departure comes at a time when Max Estates is consolidating its position in the National Capital Region (NCR) and preparing for its next phase of development.
Leadership transition: key updates
- Rishi Raj will officially step down as COO on September 30, 2025, after a tenure that began with his appointment as Chief Business Development Officer in 2019
- He played a central role in scaling the company’s real estate portfolio from 1 million sq ft to over 17 million sq ft under design
- His leadership saw the company evolve from a niche player into a premium developer with a diversified portfolio across commercial, residential, and mixed-use assets
- The company has yet to announce his successor, but internal sources suggest a strategic review is underway to identify the next operational head
Strategic impact and legacy
Rishi Raj’s tenure at Max Estates was marked by several transformative milestones:
- Spearheaded the acquisition and redevelopment of the stalled Delhi One project in Noida, now being repositioned as a premium mixed-use development
- Led the expansion into residential real estate with successful launches in Noida and Gurgaon
- Oversaw the growth of the team from 30 to over 300 employees, and helped scale the company’s market cap from Rs 500 crore to nearly USD 1 billion
- Advocated for a focused regional strategy, concentrating on NCR with multi-asset development across commercial offices, luxury residences, and retail hubs
Operational philosophy and execution
Raj’s approach combined strategic foresight with executional rigor. Drawing from his 17-year stint at McKinsey & Company, he brought a data-driven mindset and global best practices to Max Estates. His contributions included:
- Creating a Center of Excellence for strategy and corporate finance within the Max Group
- Developing a white paper on real estate that laid the foundation for Max Estates’ entry into the sector
- Implementing agile project management frameworks to accelerate delivery timelines and improve cost efficiency
- Championing design-led development and sustainability across all new projects
Current business landscape
Max Estates continues to build on the foundation laid during Raj’s tenure. Key developments include:
- Acquisition of 10.33 acres of prime land in Noida’s Sector 105 for Rs 711 crore, aimed at developing a premium residential enclave
- Strategic investments from New York Life Insurance Company in Max Towers Private Limited and Pharmax Corporation Limited
- Ongoing construction of residential projects in Noida and Gurgaon, with over 2 million sq ft already delivered
- A pipeline of 17 million sq ft under design, with a focus on lifestyle-driven, high-end real estate
Looking ahead
With Rishi Raj’s departure, Max Estates is expected to recalibrate its leadership structure to align with its evolving business priorities. The company’s next phase will likely emphasize:
- Strengthening execution capabilities across multiple asset classes
- Deepening investor partnerships and capital raising for future projects
- Enhancing customer experience through technology integration and service innovation
- Expanding into adjacent markets while maintaining its NCR-centric strategy
Conclusion
Rishi Raj’s resignation as COO of Max Estates Ltd marks the end of a transformative era for the company. His strategic vision and operational leadership have left an indelible mark on the firm’s trajectory, positioning it as a leading real estate developer in India’s NCR region. As the company prepares for its next chapter, stakeholders will be watching closely to see how Max Estates builds on this legacy and navigates the dynamic real estate landscape.
Sources: Max Estates Corporate Filings, Economic Times, Construction Week Online, Max Estates Leadership Team Page
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