Antara Senior Care receives occupancy certificate for its community in Noida Sector 150 - Phase 1, paving the way for resident possession

Contend Builders Private Limited (The Company), a Joint Venture Company of Antara Senior Living Limited, a wholly owned subsidiary of Max India Limited, has received a partial Occupancy Certificate (OC) for its senior living community at Sector 150, Noida. This covers 3 towers and 340 units in Phase I. With this development, 340 senior families are set to receive possession of their homes.

Mr Rajit Mehta, MD & CEO, Antara Senior Care, said, "This is a very welcome step by the Noida authorities. We would want to thank the authorities for granting this and the Hon'ble Supreme Court for supporting our requests. The residents are all seniors who have booked units at Antara Noida with great interest and expectations. Our team is actively reviewing the conditions laid down in the OC, and we expect to start the process of grant of possession to the residents very soon."

This OC unlocks approximately ₹150 crore in receivables that were contingent on possession. The total development spans approximately 12 lakh sq. ft. (1.11 lakh sq. mt.), of which Phase I accounts for approximately 7.45 lakh sq. ft. (0.69 lakh sq. mt.) and Phase II for the remaining 4.55 lakh sq. ft. (0.42 lakh sq. mt.). Total revenue for Phase I stands at approximately ₹550 crore, while Phase II is expected to generate approximately ₹800 crore. With Phase I on the path to possession, the Company will actively pursue the revalidation of approvals for Phase II.

This resolution had been pending due to a sector-wide requirement for the collective completion of shared sports facilities across Sector 150 in Noida. The Company had completed its designated contribution to the sports facilities and fulfilled all its payment obligations. To expedite the possession for its residents, the Company approached the Noida Authority and subsequently the courts, including the Hon'ble Supreme Court of India, to establish that its obligations had been fully and duly discharged and that the OC should be granted without any further delay. A partial OC has now been granted based on the Company's demonstrated compliance.

Antara Noida Sector 150 community is designed for seniors seeking an independent and active lifestyle, offering fully finished senior-friendly residences integrated seamlessly with wellness, round-the-clock medical assistance and emergency services - in keeping with Antara's commitment to empowering seniors age with dignity, comfort, and in a community of like-minded individuals.

Shares of Max India Limited was last trading in BSE at Rs. 172.75 as compared to the previous close of Rs. 152.45. The total number of shares traded during the day was 42531 in over 945 trades.

The stock hit an intraday high of Rs. 177.15 and intraday low of 150.85. The net turnover during the day was Rs. 7245453.00.

Source : Equity Bulls

Keywords

MaxIndia INE0CG601016 ContendBuilders JV AntaraSeniorLiving OccupancyCertificate Noida Sector150