Capacit'e Infraprojects secures Rs.825 cr contract

Real estate building major Arihant Superstructures' subsidiary Arihant Abode, has awarded a construction contract of Rs.825 crore to Capacit'e Infraprojects, an official spokesperson said that the order entails construction of civil and structural, finishing and MEP work of Arihant Abode's affordable housing project, Arihant Aspire in Panvel, on the outskirts of the proposed Navi Mumbai International Airport. The contract will be executed in phases for 8 residential buildings of 42 floors, each covering 3 million-sqft. area of housing affordable residential units. The company has targeted Rs.1,050 crore on this project over the next five years including the construction contract in question. The targeted space is to be sold 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 Act. Commenting on the development, MD, Capacit'e Infraprojects, Rahul Katyal said that the latest is its first project with Arihant Group and is very confident of delivering the project within the stipulated timelines.