Capacit'e Infraprojects, an India-based commercial and institutional building construction company, has bagged a housing contract worth INR8.25bn ($127.5m) from Arihant Abode, a subsidiary of Arihant Superstructures.
The contract has been awarded for affordable housing project named Arihant Aspire at Panvel, located near the proposed Navi Mumbai international airport in Maharashtra.
The project will be implemented in phases and will involve construction of eight residential buildings comprising 42 floors each.
Capacit'e Infraprojects will be responsible for construction of civil and structural, as well as finishing and mechanical, electrical, and plumbing works.
“This 3 million square feet of area to be sold project under affordable housing policy and can qualify for tax exemption under Section 80 IB of Income tax Act, 1961 and subject to applicable rules and regulations of the said Act. This brings Arihant Superstructures Limited one step closure to launching this Mega Project,” Arihant said in a stock exchange filing.