Arihant secures ₹250 cr for realty project

Arihant Superstructures’ subsidiary Arihant Abode, has secured ₹250 crore financing for the construction of its flagship housing project Arihant Aspire in Panvel on the outskirts of Mumbai, from Housing Development Finance Corporation. The realty project in question is spreading over 16.5 acre, has total 3.1 million sq.ft of saleable area under development, said CMD of Arihant Superstructures, Ashok Chhajer, adding that the housing project is being developed in three phases and the first phase is being taken up expeditiously as the player has already received all the requisite approvals for the project and has already started the construction work and has already sold around 300 apartments in this project. The project is being built under affordable housing policy and is a fit case for qualifying for tax exemption under Section 80 IB of Income tax Act, 1961 and subject to applicable rules and regulations of the said Act, he claimed.