Max Estates shares jumped over six percent on August 26 after receiving approval from the Noida authorities to develop a project.
The Noida authorities granted approval for the development of the 'Delhi One' project on a land parcel measuring 34,697 square meters, located in Sector 16B, Noida. This project adds 2.6 million sqaure feet of development potential to the portfolio of Max Estates.
At 12.45 pm, Max Estates shares were quoting Rs 682.3 per share on the NSE, up 5.8 percent compared to the previous session's close.
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On February 28, Max Estates Limited had been approved as the successful applicant for the resolution of Boulevard Projects. This resolution plan related to the development of a commercial plot measuring 34,697 square meters under the project name "Delhi One”.
"However, the implementation of the resolution plan was contingent upon obtaining requisite approvals from regulatory and statutory authorities, including NOIDA. Following this, the Company filed an appeal with the Hon’ble NCLAT on April 11, 2023, seeking essential reliefs necessary for implementing the resolution plan," said the company in a filing with the bourses.
However, it finally received approval from the Noida authorities. Following this, the firm will take the necessary steps to clarify the details of this approval and will subsequently approach the NCLAT to seek approval for the implementation of the resolution plan.
Max Estates shares have gained over 140 percent over the past year, outperforming the Nifty 50 index that has gained around 26 percent during the same time.
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