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Max Group Targets Rs 550 Cr Revenue From Antara Senior Living Project In 4 Yrs: Noida

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The company has already tied up with a landlord to develop this 4-acre project, located at Sector 150 in Noida, Uttar Pradesh.

Max India Ltd”s arm Antara Senior Living has made a foray into the Delhi-NCR market with a new housing project for elderly at Noida and is targeting a sales revenue of around Rs 550 crore over the next four years.

The company has already tied up with a landlord to develop this 4-acre project, located at Sector 150 in Noida, Uttar Pradesh.

This is the company”s second project, with the first already being developed at Dehradun in Uttarakhand.

Established in 2013, Antara Senior Living, a wholly-owned subsidiary of Max India, is being led by Tara Singh Vachani, who is the executive chairman.

“The senior living community will be developed in two phases. The first phase has 330 senior homes. We are expecting a sales revenue of Rs 550 crore from this phase over the next four years. The second phase will be launched when we have conducive market conditions,” said Antara Senior Living MD & CEO Rajit Mehta.

The apartments are offered in various sizes from 1,476 sq ft to 3,012 sq ft and priced between Rs 1.08 crore and Rs 2.21 crore.

“As a large metropolis with over 2 crore people, Delhi-NCR has a fair mix of general housing for all sections of the population. However, housing complexes which keep in mind special requirements of seniors are surprisingly almost non-existent,” Mehta said.

In such housing complexes project, the home and the common infrastructure are designed to adapt to the changing need of a senior resident from independent living to assisted living to full health support, he noted.

Mehta said the company had received a lot of interest from residents of the national capital region.

“We got a lot of enquiries at our Antara Dehradun seniors community from Delhi-NCR residents. They understood the benefits of senior living but were reluctant to uproot themselves from their base city since they have their social circle, familiarity with the city and their support system here,” he said.

Top medical talent and tertiary care facilities in NCR are also reasons for better demand of such project, Mehta said.

Antara Senior Living launched its first project in Dehradun in 2017, comprising 190 apartments spread over 14 acres. The construction was done by Shapoorji Pallonji. The flats are priced between Rs 2 crore and Rs 8 crore.

As of December 31, 2019, Antara reported total collections of Rs 332 crore from its Dehradun project and sold 123 units, the company said.

Most existing and upcoming senior living communities are located adjacent to major metro cities like Bengaluru, Pune, Chennai and Delhi, and non-metros including Kochi, Jaipur, Bhopal, Coimbatore, Rishikesh, Goa and Mathura.

Ashiana Housing and US-based Columbia Pacific group are major players in the senior living segment, among others.

Business conglomerate Max Group has a presence in life insurance, health and allied businesses as well as packaging and real estate sectors. Besides senior living, it is also into commercial real estate segment.

The USD 3-billion Max Group has three holding companies — Max Financial Services, Max India and MaxVIL.

Source: PTI

(Note: The story has been published without modifications to the text. Only the headline has been changed.)

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