Max Estates, Antara Senior Living collaborate on pioneering senior housing in Gurugram
Max Estates Gurgaon Limited (MEGL), a wholly owned subsidiary of Max Estates Limited and part of Max Group, has announced plans to develop a Group Housing Project in Gurugram, Haryana. This innovative project, spread over 11.80 acres in village Harsaru, Sector 36-A, will focus on senior living units and associated facilities.
Unique Intergenerational Housing Development
This ambitious project, one of the first of its kind in Gurugram, will dedicate approximately 6.07 lakh sq. ft., or 33% of the available Floor Area Ratio (FAR), to senior living units. Max Estates Gurgaon Limited has engaged Antara Senior Living Limited (ASLL) for the development, marking a significant step in creating intergenerational housing solutions.
Scope of Antara Senior Living Limited’s Involvement
ASLL’s role in this project extends to providing expertise and advisory services, including design, conceptualization, training and development of project personnel, and expert marketing and sales advice for the Senior Living Project. This collaboration leverages ASLL’s experience in creating senior living spaces that cater to the unique needs of older adults.
Innovative Senior Living Development by Max Estates in Gurugram with Antara Senior Living
Commercial Agreement Details
Under the agreement, ASLL will receive a fee of 9.5% of the Net Sales Revenue plus taxes from the sales of the Senior Living Project units. Additionally, ASLL is incentivized with a performance-based fee and will contribute INR 33 crores as a Refundable Performance Deposit to the Developer, payable in tranches.
Anticipated Impact on the Gurugram Real Estate Market
The project is poised to set new benchmarks in the Gurugram real estate market, offering innovative housing solutions that cater to the growing demand for senior living facilities. By combining modern living spaces with specialized amenities, Max Estates and Antara Senior Living aim to create a comfortable and secure environment for seniors.
With this venture, Max Estates Gurgaon Limited strengthens its position in the real estate sector, highlighting its commitment to addressing the diverse housing needs of the community.