look news india
Max Estates Share Price: Max Estates shares are also on the rise today, Friday, May 3. The stock rose more than 8 percent to Rs 374.90 in afternoon trade, hitting a new high. Earlier on Thursday also the shares of the company had increased by 20 percent. The rise in the company's shares came after the signing of the Rs 9,000 crore Arak residential development project in Gurugram. Shares of Max Este have increased by about 36 percent in the last 6 months. Whereas the Nifty index has increased by 18 percent during this period.
Max Group Real Estate Company said it has signed an agreement to develop a residential residential property on its 18.23-acre land. The company said that the development area of this project will be about 40 lakh square feet.
The company's new plant is located on Dwarka Expressway adjacent to the 11.80 acre plant of Max Estate's existing project in Sector 36 A, Gurugram. The company said it aims to launch a residential project in New Delhi in the third quarter of 2024 with a gross development potential of Rs 4,000 crore.
Max Estates said in a filing to the stock exchanges that in the coming time, the combined GDV capacity of these two projects located in Gurugram can be Rs 13,000 crore. It will develop and sell approximately 64 lakh sq ft across these two projects.
Max Astest had said earlier this week that New York Life Insurance Company has agreed to invest Rs 388 crore in it. In return, the insurance company will get 49 percent stake in its two subsidiaries. After this news, the company's shares rose by 20 percent on Thursday and closed at Rs 348.3.