Moto X Play is among the list of devices that will be receiving Android 7.0 Nougat officially by Motorola. According to Motorola Germany, the device is expected to get Android Nougat by May, 2017 along with few other Moto X Phones.
The Moto X Play has now started receiving a new software update with the January Security Patch, bug fixes and Stability improvement in India, the update weighs in at around 13MB. Note that the device still runs on Android 6.0.1 Marshmallow.
If you haven't got the notification of this new software update yet, Just go to Settings > About Phone > Software updates, and It will automatically start downloading the latest update. The update will take around 10-15 minutes to get Installed on your device.
Thanks Thakur Tishh Singh Rathour for tip!