L&T wins housing contracts worth Rs 1,981 crore

Construction major Larsen & Toubro (L&T) has won contracts worth Rs 1,981 crore in the housing sector this month, including a major order in Bangalore.

"The Buildings & Factories Business of L&T Constructions has won new housing orders worth Rs 1,981 crore in March 2014," the company said in a filing to the BSE.

A major residential order has been bagged in Bangalore from one of South India's leading property dealers which is also the company's biggest residential order this year, it said.

The scope of work involves construction of 24 towers and 271 villas. The towers will comprise two basements and a ground floor with levels varying from 18 to 29 floors.

The project is scheduled to be completed in 42 months.

The other order pertains to construction of a residential township in Gujarat with 134 housing units on turnkey basis.

Senior Executive Vice President, Infrastructure Division, L&T and member, Board, S N Subrahmanyan said, "One of our key focus areas have been the growing potential in the residential sector and by winning these prestigious orders we have made significant roads in this space."

The Building & Factories Division of the company caters to design and builds construction of residential buildings, including high rise towers, airports, factories and other structures.

The shares of the company were trading at Rs 1,289 apiece on the BSE during afternoon trade, up 1.08% from the previous close.