Max Estates Puts Ghaziabad on Its NCR Expansion Map With ₹3,000 Crore Project

Max Estates is expanding its presence across the NCR with a proposed 9.76-acre luxury housing project in Indirapuram, Ghaziabad, estimated to have a development potential of around ₹3,000 crore.

Max Estates has entered into a binding memorandum of understanding for a proposed joint development agreement (JDA) with the landowner for a 9.76-acre property in Ghaziabad. Once completed, the project is expected to add about 1.5 million sq ft of development potential to Max Estates’ NCR pipeline. The transaction is subject to due diligence, regulatory approvals and the execution of the final agreement.

Max Estates Chooses JDA Route for Ghaziabad Project

With the landowner receiving a share of the project's revenue instead of Max Estates purchasing the land outright, the upcoming Ghaziabad project will follow a capital-light model.

The arrangement allows Max Estates to add a large-scale project to its pipeline without making a conventional upfront land purchase. However, the transaction is still subject to due diligence, necessary approvals and execution of the final JDA.

9.76 Acres with ₹3,000 Crore Potential

Max Estates expects this property in Ghaziabad to generate a GDV of ₹3,000 crore. However, a launch date has not been announced yet.

Before taking the project forward, the company will complete its due diligence and obtain the necessary approvals. The final JDA will be signed after these steps are completed.

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Max Estates Expands Its NCR Pipeline

This announcement comes shortly after Max Estates' move into West Delhi, where it approved the acquisition of around 84.71 acres in Najafgarh through a non-cash share-swap transaction.

That land platform has an estimated development potential of 4-6 million sq ft and a projected GDV of around ₹10,000-12,000 crore.

Together, the two transactions show how Max Estates is adding development opportunities across different parts of the NCR. Ghaziabad gives the company another residential market to build in, while the JDA structure keeps the latest expansion relatively light on upfront land costs.

For now, the 9.76-acre Indirapuram project remains a proposed development, rather than a completed acquisition. Its eventual scale will depend on the completion of due diligence, approvals and the final agreement with the landowner.