Max Estates has started construction of its new commercial project, comprising around 0.7 million square feet of office and retail spaces on the Noida Expressway.
Max Estates will develop the project 'Max Square' with New York Life Insurance Company as a financial partner. It will have 51 per cent and the New York Life Insurance Company will have 49 per cent stakes in the special purpose vehicle (SPV) Max Square Limited, formed to develop the 'Max Square' project, a company statement said.
This is the first real estate project by New York Life Insurance Company in India as a financial partner. The project will be built at a cost of approximately ₹ 400 crore with an equity infusion of ₹ 175 crore and a debt funding of ₹ 225 crore.
The project construction has commenced and the company targets to deliver the same by March 2023, the statement added.
Max Estates is the real estate subsidiary of the Max Group. It is part of Max group's listed entity Max Ventures & Industries Ltd (MaxVIL).
Max Estate has so far delivered two commercial real estate projects in NCR; one is Max Towers, Noida and the second is Max House, Okhla, Delhi.