MAXIND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Max India's wholly owned subsidiary Antara Senior Care, through its joint venture Contend Builders, has received a partial Occupancy Certificate for Phase 1 of its senior living community in Noida Sector 150. The certificate covers 3 towers with 340 units totaling about 7.45 lakh sq. ft. This milestone will allow 340 senior families to receive possession of their homes soon. The OC unlocks approximately ₹150 crore in receivables that were contingent on possession. Phase 1 carries total revenue of about ₹550 crore while Phase 2 (covering 4.55 lakh sq. ft.) is expected to generate about ₹800 crore. The OC was delayed due to a sector-wide requirement for shared sports facilities, which the company fulfilled before approaching Noida Authority and the Supreme Court to expedite the process.
Positive for shareholders as the company clears a major regulatory hurdle and unlocks ₹150 crore in receivables, marking significant progress in its senior living business with 340 families set to move in.