D B Realty Surges on JV for Developing Residential Complex in Mumbai

D B Realty shares surged as much as 10 per cent to hit intraday high of Rs 67 after the company said that it signed joint venture with ECC and Konark for developing a residential project in Mumbai.

D B Realty said that the joint venture is for developing a residential project which will be known as 'DB Skypark'. The project is near T2 international airport and next to Hilton Hotel in Sahar, Mumbai. 

D B Realty said that it has an economic interest of 75 per cent in this joint venture.

N M Gattu, CFO of D B Realty told NDTV that they will construct six 12-storey buildings out of which two buildings will be launched immediately. The project involve construction of 4.75 lakh square foot of land and D B Realty expects Rs 760 crore in revenues, he added.

Mr Gattu said, the base price of the project is Rs 16,000 per square foot and it faces nearest completion from residential complexes in localities of Marol and Andheri in sub-urban Mumbai.

The stock reacted positively to this development. As of 12:05 p.m. the stock traded 7.5 per cent higher at Rs 65.55.