Indian infrastructure major Larsen & Toubro (L&T) announced on Monday (9 September) that its construction arm has bagged a contract from the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) to construct 23,432 dwelling units at various locations in Navi Mumbai.
The company did not provide the value of the contract but said the order falls under the ‘major’ category, which falls in the Rs 5,000 crore and Rs 7,000 crore range according to the classification of contracts.
“The Buildings & Factories Business of L&T Construction has secured a prestigious residential project from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO) to construct 23,432 dwelling units with on-site infrastructure works at various locations in Navi Mumbai,” L&T said in a regulatory filing.
L&T said the project, being part of the Pradhan Mantri Awas Yojana (PMAY), envisages construction of Economically Weaker Section (EWS) and Low-Income Group (LIG) type of dwelling units.
The building configurations vary from 13 to 20 storeys. The project is of a fast track type which comes with stringent timelines for completion, the company added.