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    Arihant Superstructures gets Rs 250-crore construction finance from HDFC

    Synopsis

    The funds are being raised for the company’s flagship housing project Arihant Aspire in Panvel near Mumbai, the company said in a regulatory filing.

    Construction-
    The company has received all the requisite approvals for the project and has already started the construction of the same. It has already sold around 300 apartments in this project.
    Realty developer Arihant Superstructures, through its subsidiary Arihant Abode, has received a sanction of construction finance worth Rs 250 crore from Housing Development Finance Corporation.

    The funds are being raised for the company’s flagship housing project Arihant Aspire in Panvel near Mumbai, the company said in a regulatory filing. The project spread over 16.5 acre has total 3.1 million sq ft of saleable area under development.

    “We have been able to reduce our secured debt in the last 1 year with prudent cash flow management. A number of our projects have reached maturity levels, throwing up positive cash flows, which are utilized to reduce project specific debt. The funding for the new projects would be a judicious blend of various instruments in the best interests of our stakeholders,” said Ashok Chhajer, CMD of Arihant Superstructures.

    The project is being developed in three phases and the first phase is expected to be delivered over the next five years. Total tenure of the facility is also five years. The company has received all the requisite approvals for the project and has already started the construction of the same. It has already sold around 300 apartments in this project.

    This project, to be sold project under affordable housing policy, 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, the developer had said in an earlier statement.


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