Out of the three projects, the one near Mahalaxmi Race Course, Mumbai, is being developed by Turf Estate, a joint venture firm in which DB Realty has a controlling stake. Another is a hotel project at Marine Lines, Mumbai, which is being developed by Marine Drive Hospitality & Realty. DB Realty has a stake in Marine Drive Hospitality & Realty.
DB Realty in a filing to exchanges said these projects are among the large projects of the company and has substantial revenue potential for the company.
As of 10.48 a.m., shares in DB Realty traded 9.22 per cent higher at Rs 76.40 apiece, outperforming the Nifty, which was down 0.16 per cent.