New York Life Insurance Company ( NYL ) co-investor in Max Estate’s Office Project

New Delhi, September 28, 2022: Max Estates, the real estate arm of Max Ventures & Industries Limited (MaxVIL), announced its SPV, Max Square Limited’s, successful bid for two land parcels auctioned by Axis Bank for a total cost of Rs. 220 crores, in early August, subject to customary statutory approvals.

Both land parcels, in Sector 129, Noida, are spread across ~4 acres combined and are contiguous to Max Estates’ under-construction grade A+ commercial office project, ‘Max Square’ which is the 3rd office development by Max Estates in Delhi NCR. 

Max Estates has now announced that it has onboarded New York Life Insurance Company (New York Life), US based mutual life insurance company as an equity co-investor in a structure that already houses 2.66 acres of land on which Max Square is being developed. The addition of another ~4 acre of land, in the same SPV, will enable the development of ~6.6 acre of mixed use campus.

New York Life proposes to invest Rs. 196 crores for a 49% equity stake. Max Estates will be responsible for the final delivery of the project and will be entitled to a development fee on the same. The total development potential of the ~6.6 acre campus including the currently under construction Max Square (~0.7 Mn square feet) is ~ 2.0 Mn square feet. This will not only provide prospective tenants of Max Square an option to expand, but also enable access to an integrated mixed-use campus that will be unique to this micro market. The development will have direct access to Noida-Greater Noida Expressway, offering excellent connectivity to and from Noida, Delhi and broader Delhi NCR via both road and metro.

Commenting on the announcement, Sahil Vachani, MD & CEO of MaxVIL said, “New York Life Insurance Company has a long-standing relationship with Max Group and Max Estates, and has been a valued partner with us through our journey”. 

This transaction will enable Max Estates to expand its CRE portfolio while achieving its aspiration of becoming a leading real estate player in the Delhi NCR region.”

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