NewsVoir
New Delhi [India], May 27: 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 INR 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 INR 550 crore, while Phase II is expected to generate approximately INR 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 to age with dignity, comfort, and in a community of like-minded individuals.
About Antara Senior Care
Launched in 2013, Antara is the senior-care business of Max India Limited, part of the USD 7-billion Max Group. It is an integrated ecosystem for senior care, operating in two main lines of business - Residences for Seniors and Assisted Care Services. Antara's first senior residential community in Dehradun, comprising nearly 200 families, caters to their social, recreational, educational, wellness, and health-related needs. In the near future, it will open its second senior living community in Noida's Sector-150, with families moving into the 340 apartments built in the first phase. Expanding its footprint in Gurugram, Antara will manage senior living residences, dedicated spaces for senior living, and primary healthcare services at Estate 360 and Estate 361, developed by Max Estates. Antara's Assisted Care Services include Care Homes, Care at Home, AGEasy, and Antara Integrated Wellness Clinic. This line of business caters to seniors, who need more immersive interventions in their daily lives due to medical or age-related issues. With eight facilities and 485 beds across Gurugram, Noida, Bengaluru and Chennai, Care Homes provide long-term care to seniors who require constant medical and nursing supervision, and short-term care services for the recuperation of seniors. Its Care at Home services, offered in Delhi NCR, Bengaluru and Chennai, provide well-equipped, trained professionals offering care to seniors inside their home's comfort. AGEasy, an online and offline store focusing on senior-specific products and solutions to manage chronic health conditions at home, has touched over 6.5 lakh lives since inception in 2023.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same.)
