Max Estates shares gained around 6% on September 24 after the real estate developer announced plans to enter into a joint development agreement (JDA) for a 9.76-acre land parcel in Indirapuram, Ghaziabad. 

The proposed project has a development potential of around 1.5 million square feet and an estimated gross development value (GDV) of Rs 2,500-3,000 crore.

The proposed development will be undertaken through a capital-light model, with the landowner contributing the land and receiving a share of the project revenue. The transaction is still subject to satisfactory due diligence, necessary regulatory approvals and the final execution of the JDA.

The project is located along National Expressway-3 and has connectivity to both Delhi and Noida. The site overlooks the green buffer zone of the Hindon River and is around 15 minutes by road from Akshardham Temple. 

The location gives Max Estates an opportunity to expand its residential presence into Ghaziabad while continuing to build its wider Delhi-NCR portfolio.

The latest announcement comes soon after Max Estates expanded into West Delhi. In August, the company announced the acquisition of an approximately 84.71-acre land parcel in Najafgarh through a non-cash share-swap transaction. That project has an estimated GDV of Rs 10,000-12,000 crore and is expected to be developed over several years.

Max Estates has been expanding its residential pipeline across Noida, Gurugram, Delhi and now Ghaziabad. The company reported pre-sales of Rs 5,305 crore in FY26, compared with Rs 5,321 crore in FY25. 

Its Estate 361 project in Gurugram generated around Rs 1,704 crore in pre-sales, while Estate 105 in Noida recorded about Rs 1,783 crore within 10 days of its March 2026 launch.

The company had a residential pipeline of around Rs 16,150 crore of GDV as of the second quarter of FY27, according to recent company and brokerage disclosures. The new Ghaziabad project adds another sizeable development opportunity without requiring an outright land purchase.

At 12:31 pm, the shares of Max Estates were trading 4.89% higher at Rs 632.75 on NSE. 

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