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Max Estates has started construction of its new commercial project, comprising around 0.7 mn sq ft of office and retail spaces, on the Noida Expressway.
This is the third commercial project of Max Estates, which is part of Max group's listed entity Max Ventures & Industries (MaxVIL).
Max Estates will develop the project 'Max Square' with New York Life Insurance Company as the 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, formed to develop the 'Max Square' project.
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 Rs 400 crore with an equity infusion of Rs 175 crore and a debt funding of Rs 225 crore.
Max Estates will be responsible for the final delivery of the project. All statutory approvals including Fire NOC, Building Plan Approval, Environmental Clearance, Mining Approval, Pollution Approval (Consent to Establish) have been received. The project construction has commenced and the company targets to deliver the same by March 2023.
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