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 signe 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.
