Max Estates climbs on executing binding agreements for potential Group Housing Residential development in Gurugram
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Max Estates is currently trading at Rs. 364.00, up by 13.40 points or 3.82% from its previous closing of Rs. 350.60 on the BSE.
The scrip opened at Rs. 374.95 and has touched a high and low of Rs. 375.00 and Rs. 357.85 respectively. So far 130669 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 375.00 on 03-May-2024 and a 52 week low of Rs. 242.80 on 02-Nov-2023.
Last one week high and low of the scrip stood at Rs. 375.00 and Rs. 292.75 respectively. The current market cap of the company is Rs. 5389.54 crore.
The promoters holding in the company stood at 49.51%, while Institutions and Non-Institutions held 27.80% and 22.68% respectively.
Max Estates has executed binding agreements for a potential Group Housing Residential development on 18.23 acres of land with Gross Development Value (GDV) estimated at over Rs 9,000 crore in Gurugram at the back of around 4 mn square feet of development area.
This land parcel is contiguous to its existing 11.80 acres of land on Dwarka Expressway in sector 36 A, Gurugram on which Max Estates had done a Joint Development Agreement (JDA) last year. The company is on track to launch Delhi NCRs first Intergenerational residential community in Q3 of CY 2024 with GDV Potential now re-rated to Rs 4,000 crore. This helps Max Estates consolidate its position (30 acres) in sector 36 A on Dwarka Expressway, which with massive infrastructure upgrade has emerged as a prime luxury residential destination in Gurugram. Both opportunities imply a combined GDV potential over time of Rs 13,000 plus crore in Gurugram by developing and selling an area over 6.4 mn square feet.
The location stands tall as the perfect hub for premium residential projects within Gurugram owing to its vicinity to the planned Global City as well as having seamless connectivity to the international airport, different parts of Delhi as well as key commercial and residential hubs within Gurugram. With both acquisitions through the Joint Development route, Max Estates has demonstrated tremendous success in expanding through relatively light capital deployment strategies.
Max Estates is the real estate arm of the Max Group.
