Max Estates, the wholly-owned subsidiary of Max Ventures and Industries, has formed 51:49 joint venture (JV) with New York Life Insurance for developing a commercial real estate project in Noida, Uttar Pradesh.

The project entailing an investment of Rs 400 crore will come up on a built-up area of 7,00,000 sq ft. It will be the second investment of New York Life Insurance in Max Ventures and Industries in the past two years. Going forward, Max Estates plans to develop the commercial projects in partnership with large foreign funds.

Max Ventures will have continued stream of income from these projects. It will have project management fee during construction phase of these projects and asset management fee after completion of the projects.

The company is also looking at acquiring some distressed assets that are coming up for resolution under the Insolvency and Bankruptcy Code (IBC).

Max Estates has already developed the 6,00,000 sq ft Max Tower in Noida and is set to complete a second project of 3,00,000 sq ft, Max House, in Q2/FY21. New York Life had partnered with Max Group to form Max New York Life Insurance Company with 26 percent ownership.