Max Estates and Antara Senior Living enters into a binding arrangement for advisory services

Max Estates Gurgaon Limited ("MEGL"), a 100% wholly owned subsidiary of Max Estates Limited, the real estate arm of Max Group, proposes to develop a Group Housing Project on the land admeasuring 11.80 acres, located in village Harsaru, Sector 36‐A, Sub‐Tehsil Harsaru, District Gurugram, Haryana. It also proposes 33% of the available FAR for the said project, translating to approximately 6.07 lakh sq. ft. to be allocated for development of senior living units and associated facilities/amenities including any club for the said senior living development for which Antara Senior Living Limited ("ASLL") has been engaged by MEGL. The Binding Terms sheet between the two Companies has been signed. This will be one of the first intergenerational project at scale in Gurugram.

Scope of Antara Senior Living Limited (ASLL)

ASLL shall be responsible to provide its expertise and advisory services for design, conceptualization, training and development of Project personnel, and expert advice on marketing and salesforthe Senior Living Project.

Commercial Agreement

ASLL shall be entitled to a fee of 9.5% of the Net Sales Revenue plus taxes as collected by MEGL from purchasers of Senior Living Project, towards the scope of ASLL as mentioned above. In addition to same, ASLL shall also be entitled to an additional fee based on performance of the Senior Living Project. ASLL shall also pay INR 33 crores in tranches to the Developer as Refundable Performance Deposit.

Shares of Max Estates Limited was last trading in BSE at Rs. 301.05 as compared to the previous close of Rs. 305.55. The total number of shares traded during the day was 4568 in over 245 trades.

The stock hit an intraday high of Rs. 310.10 and intraday low of 300.00. The net turnover during the day was Rs. 1396914.00.

Source : Equity Bulls

Keywords

MaxEstates Residential Commercial Projects INE03EI01018 AntaraSeniorLiving AdvisoryServices