Max Estates shares rally 7% to hit 52-week high on NOIDA approval for Delhi One project

Max Estates informed the exchanges via a filing on August 24, that it has received approval from NOIDA for the development of a commercial plot measuring 34,697 square meters under the project named ‘Delhi One’.

The upcoming commercial project, located at Sector 16B of NOIDA, adds 2.6 million square feet of development potential to the company’s portfolio, Max Estates informed the stock exchanges.

On February 28, 2023, Max Estates Limited was approved as the successful applicant for the resolution plan of Boulevard Projects Private Limited, by the National Company Law Tribunal (NCLT), New Delhi. The resolution plan pertained to the development of the ‘Delhi One’ project.

The company also mentioned in the filing that the implementation of the resolution plan was contingent on getting approval from regulatory and statutory authorities. Following this, Max Estates filed an appeal with the NCLAT on April 11, 2023, seeking essential relief necessary for implementing the resolution plan, the realty firm informed the bourses.

After receiving the nod from NOIDA authorities, the real estate company will approach the NCLAT to seek ratification and approval for the implementation of the resolution plan.

In the June quarter, the company’s consolidated revenue from operations increased over 121% to ₹40.48 crore against ₹18.27 crore in the corresponding quarter of the preceding fiscal. Sequentially, the company’s revenue from operations grew nearly 35% from ₹30 crore in the March quarter of FY24.

In Q1FY25, Max Estates net loss narrowed to ₹1.99 crore from ₹38.37 crore in Q1FY24. The company posted a net loss of ₹4.73 crore in Q4FY24.

Shares of Max Estates were trading 5.93% higher at ₹683.2 apiece on the NSE, at 2:27 pm. The shares ended the session 6.11% higher at ₹684.35 apiece on NSE on Monday, August 26.