Max Estates to use proceeds for expanding in the high-growthreal estate market in Delhi NCR
New Delhi, September 27, 2024: Further to our previous intimation dated 1st May 2024, regarding the strategic investment by New York Life Insurance Company (“NYL”), Max Estates Limited (“Max Estates”) is pleased to announce the successful closure of the transactionwith New York Life Insurance Company acquiring 49% stake in Max Towers and Max House (Phase I & II), by deploying ₹391 Crore, marking a key milestone in the partnership.Both are rent-yielding operational commercial assets located in Noida and Delhi. Max Estates continue to hold a 51% stake in both SPVs.
With this investment, NYL has now committed a cumulative amount of ₹1200 Crore with Max Estates. This infusion of capital enhances Max Estates’ ability to accelerate its growth plans across both commercial and residential real estate segments.
Following the Qualified Institutional Placement (QIP), Max Estates now has an Equity growth capital of more than₹1200 Crore, which will be instrumental in expanding its operations and seizing new opportunities in the real estate sector.
Commenting on this development, Sahil Vachani, MD & CEO of Max Estates, said:
“We are pleased to announce that our partnership with New York Life Insurance has grown from strength to strength. This capital infusion significantly enhances Max Estates’ financial capability to deliver top-tier commercial and residential projects in Delhi-NCR while ensuring a well-balanced capital structure to support the company’s growth plans.
The plan is to allocate a significant portion of these funds to support its expansion into the rapidly growing residential market and seize emerging opportunities. This strategic investment will also help Max Estates achieve its goal of acquiring at least 3 million square feet of development opportunities annually while reshaping the future of real estate in the NCR Region.”
Corporate Comm India (CCI Newswire)
