Jaypee Infratech surges 5% on reduction in eco-sensitive zone

Shares of Jaypee Infratech surged over 5 per cent today following the government's move to reduce the area of the eco-sensitive zone around the Okhla Bird Sanctuary in New Delhi, bringing a huge relief to home buyers in and around the area.
The stock surged 5.30 per cent to settle at Rs 15.49 on BSE. During the day, it jumped 8 per cent to Rs 15.90.
Shares of DLF, however, pared early gains of 3 per cent to Rs 131.90 and ended 1.02 per cent lower at Rs 126.70.
"Shares of Jaypee Infratech remained in action after the government cleared the reduction in Eco-Sensitive Zone (ESZ) around Okhla Bird Sanctuary which could possibly benefit home buyers," Bonanza Portfolio's Associate Fund manager Hiren Dhakan said.

Shares of other Delhi-based Jaiprakash Associates too surged 9.39 per cent.
As many as 55,000 home buyers will benefit immediately from the government's move to reduce the area of the eco- sensitive zone (ESZ) around the Okhla Bird Sanctuary, leading real estate developers told yesterday.

The Union Environment Ministry's notification last year, which was cleared yesterday, said that the ESZ will be the area up to 100 metre from the Eastern, Western and Southern boundary and up to 1.27 kilometres from the northern boundary of the Okhla Bird Sanctuary.
The ministry will come out with a final notification within a week, thus bringing in a huge potential relief to home buyers in and around the area.

Once the notification is issued, the government will allow home buyers outside the ESZ to get occupancy certificates of their flats, which had been pending for quite some time as the NGT had passed an order barring development of any infrastructure within 10-km radius from the sanctuary's boundary.
Housing projects of various developers, including Jaypee Green, DLF, ATS, 3C Developers and Supertech were affected due to order of the National Green Tribunal (NGT), which restrained the authorities from issuing Completion Certificate to the projects which are located within 10 km radius of the Okhla Bird Sanctuary or within the eco-sensitive zone.