L&T Construction bags Rs 5,000-7,000-cr Navi Mumbai residential project

L&T said the project, being part of the Pradhan Mantri Awas Yojana, envisages construction of Economically Weaker Section and Low-Income Group type of dwelling units

Infrastructure company Larsen & Toubro (L&T) on Monday said its construction arm has bagged 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 ranges between Rs 5,000 crore and Rs 7,000 crore 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. This is a fast track project to be completed within stringent timelines, the company added.

Shares of L&T were trading 1.25 per cent higher at Rs 1,345 apiece on BSE.