Is it permissible to invite relatives and friends to the aqiqah, and what is the ruling on making a feast exceeding the slaughtered sheep (such as chicken, beverages, and sweets), not believing it to be a Sunnah but for the purpose of holding a feast?

It is permissible for the 'aqiqah feast to be held at home, but it is better to follow the way of the udhiyah (sacrificial animal) in the 'aqiqah: one should eat from it, give some as a gift, and give some in charity to the poor. There is no harm in adding to the slaughtered animal, provided that it is not done for boastfulness.