NY Life to invest Rs.196-Cr for 49% in Noida project of Max Estates

New York Life Insurance Co (NYLIM India) is to invest INR 196 crore for a 49% equity stake in a commercial project of Max Estates in Noida. The land spread across 4 acres in Sector 129 was acquired by Max Estates, the real estate arm of Max India Group, from Axis Bank for INR 220 crore in August 2022. These land parcels are contiguous to Max Square, an existing under-construction office development by Max Estates and NYLIM. The acquisition will enable creation of a 6.6 acres office-led mix land use campus. The total development size including Max Square (0.7 million sq ft ) for this campus will be 1.5-2.0 million sq ft. Max Estates will be responsible for the final delivery of the project and will be entitled to a development fee.