Max India shares jumped 16.2% on BSE, logging an intra-day high of ₹177.15 per share following the occupancy certificate development. However, at 1:06 PM, the share price pared some gains and was up 14.39% at ₹174.7 per share. The buying on the counter came after Contend Builders Private Limited, a joint venture company of Antara Senior Living Limited, received a partial occupancy certificate (OC) for its senior living community at Sector 150, Noida. With a market capitalization of ₹888 crore, the stock had given a negative return of 9% over the last year before this development.
The partial OC covers three towers and 340 units in Phase I of the senior living community at Sector 150, Noida. With this development, 340 senior families are set to receive possession of their homes. The partial OC unlocks approximately ₹150 crore in receivables that were contingent on possession. According to reports from Business Standard, the total development spans approximately 12 lakh square feet, of which Phase I accounts for approximately 7.45 lakh square feet and Phase II for the remaining 4.55 lakh square feet.
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. The resolution had been pending due to a sector-wide requirement for the collective completion of shared sports facilities across Sector 150 in Noida.
Contend Builders had completed its designated contribution to the sports facilities and fulfilled all payment obligations. To expedite possession for its residents, the company approached the Noida Authority and subsequently the courts — including the Supreme Court of India — to establish that its obligations had been fully discharged and that the OC should be granted without further delay. A partial OC has now been granted based on the company's demonstrated compliance.
Rajit Mehta, Managing Director and Chief Executive Officer, Antara Senior Care, expressed gratitude to the Noida authorities and the Supreme Court for supporting their requests. "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," Mehta stated. Antara Noida Sector 150 is a senior living community designed for seniors seeking an independent and active lifestyle, offering fully finished senior-friendly residences integrated with wellness, round-the-clock medical assistance, and emergency services.
