Max Estates stock jumps 8% today, extends yesterday’s 20% gain as co inks mega development deal

Max Estates' share price has gained 36 percent in the last six months

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26 Aug, 2025 12:21

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Shares of Max Estates Ltd jumped as much as 8 percent on 3 May to hit a new 52-week high of Rs 374.90 on the NSE, after the company signed an agreement for development of a Rs 9,000-crore residential development project in Gurugram.

Max Estates' share price has gained 36 percent in the last six months, outperforming Nifty 50 which has risen 18 percent during the same period.

The real estate arm of the Max group signed binding agreements for the development of a group housing residential property on 18.23 acres of land, with around 4 million square feet of development area, said the company in an exchange filing.

The new land parcel is situated adjacent to Max Estate's existing 11.80-acre plot on Dwarka Expressway in sector 36 A, Gurugram. The company aims to launch a residential project in Q3 of 2024, with a gross development value potential of Rs 4,000 crore.

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"Both opportunities imply a combined GDV potential over time of Rs 13,000 crore in Gurugram by developing and selling an area over 6.4 million square feet," the exchange filing noted.

This location is an ideal hub for premium residential projects in Gurugram, as it benefits from its proximity to Global City and connectivity to the international airport, various parts of Delhi, and crucial commercial and residential hubs within Gurugram.

"Post closure of this transaction, the portfolio of Max Estates will grow by 50 percent from 8 to 12 million square feet of development potential, which is very well diversified in terms of asset classes (commercial office and residential), geographic footprint (Noida, Delhi and Gurugram) and risk spectrum (delivered and under construction)," said Rishi Raj, COO of Max Estates.

Earlier this week, Max Estates announced that the New York Life Insurance company has agreed to invest Rs 388 crore in the property developer, for a 49 percent stake each in its two subsidiaries. The stock jumped over 20 percent following the news yesterday, and ended at Rs 348.3.