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DB Realty shares surge 10%

 The Hawk |  2015-06-19 08:00:29.0  0  Comments

Mumbai: Shares of DB Realty on Friday surged nearly 10 per cent after the company said it has joined hands with ECC and Konark to develop a residential project in Andheri. The stock jumped 9.76 per cent to Rs 66.90 at the BSE. On the NSE, it climbed 9.85 per cent to Rs 66.90. Real estate firm DB Realty yesterday said it has joined hands with ECC and Konark to develop a residential project in Andheri in suburban. "ECC-DB-Konark joint venture is developing a residential project -- 'DB Skypark' near Terminal 2 of International airport in Andheri," DB Realty had said in a filing to the BSE yesterday. DB Realty will have a 75 per cent share in the project, the company said. The JV will develop seven towers of 12 storey each with a total built up area of 4.7 lakh sq ft. "The project has achieved financial closure and the work has commenced for the first phase. The entire project is expected to be completed in three years," it added. It further said the project was a "positive development" as it offers substantial cash flow potential for the company in the near term. PTI

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