Yes, both the colleges are different and provide different courses. Also the curriculum and facilities are different as one is a Government college and the other Private.
Maharaja Agrasen College in Mayur Vihar is under Delhi University. It is a government college which provides limited facilities. Their infrastructure is also average compared to MAIT.
Maharaja Agrasen Institute of Technology (MAIT) and Maharaja Agrasen Institute of MAnagement Studies (MAIMS) is the one which is affiliated to IP University. They have top notch facilities and the students here receive better opportunities and exposure, as they are private institutions. The fees of these two colleges will definitely be higher than usual.