Max Estates has entered into a binding memorandum of understanding (MoU) for a proposed joint development agreement (JDA) covering a 9.76-acre land parcel in Indirapuram, Ghaziabad. The proposed project has an estimated development potential of approximately 1.5 million sq ft and a gross development value (GDV) of ₹2,500-3,000 crore.
The proposed transaction will be structured on a capital-light basis, with the landowner to be compensated through a revenue-sharing arrangement. The development will add a sizeable project to Max Estates’ pipeline in the Delhi-NCR region and marks the company’s entry into Ghaziabad. The company already has a presence in Noida, Gurugram and Delhi.
1.5 Million Sq Ft Development Potential
The Indirapuram land parcel has an estimated super built-up development potential of around 1.5 million sq ft. With a projected GDV of ₹2,500-3,000 crore, the project represents a significant development opportunity for the company in one of Ghaziabad’s established residential and urban areas.
The MoU is for a proposed JDA, meaning the development is planned in partnership with the landowner rather than through an outright land acquisition. Under the proposed structure, the landowner will receive consideration through revenue sharing. The source does not provide details about the proposed project’s configuration, number of units, product mix, pricing or expected launch date.
Max Estates Expands NCR Presence
The Ghaziabad transaction broadens Max Estates’ presence across the National Capital Region. The company’s existing operations in Noida, Gurugram and Delhi have provided it with a presence across several major NCR markets. The proposed Indirapuram project will extend this footprint into Ghaziabad.
The transaction also comes as the company expands its land platform in Delhi. Max Estates’ board recently approved the acquisition of nine land-owning companies holding approximately 84.71 acres in Sector 3, Najafgarh. The Delhi land platform has an estimated development potential of 4-6 million sq ft and a projected GDV of about ₹10,000-12,000 crore.
Najafgarh Acquisition Adds Larger Land Pipeline
The Najafgarh transaction is valued at up to ₹420.23 crore and is proposed to be completed through a non-cash share swap. The proposed development potential in Najafgarh is considerably larger than that of the Indirapuram project, giving Max Estates another sizeable land platform for future development in Delhi.
The two transactions form part of Max Estates’ ongoing expansion across Delhi-NCR. While the Indirapuram project is being pursued through a proposed joint development arrangement, the Najafgarh transaction involves the acquisition of land-owning companies.
For the Ghaziabad project, further details on approvals, development timelines, project design, construction schedule and launch plans have not been disclosed in the source. The proposed JDA will provide the framework for taking forward the 9.76-acre development, subject to the applicable processes and agreements.
The proposed Indirapuram project, with 1.5 million sq ft of development potential and an estimated GDV of ₹2,500-3,000 crore, will add to Max Estates’ growing development pipeline across the NCR market.
