Realty developer Arihant Superstructures, through its subsidiary Arihant Abode, has received a sanction of construction finance worth Rs 250 crore from the 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 acres has total 3.1 million sq ft of saleable area under development, ET Realty reported.
“We have been able to reduce our secured debt in the last one year with prudent cash flow management,” said Ashok Chhajer, CMD of Arihant Superstructures.
“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,” he said.