Shares of D B Realty is locked in upper circuit of 10% at Rs 79.35, extending its previous day’s 7% rally on BSE, after the company said its project DB Orchid Heights in Mahalaxmi has received nod from Maharashtra Government for development of 3.0 floor space index (FSI) versus earlier 2.5.
On 19, January 2015, the project received approval from the Government of Maharashtra for development of 3.0 floor space index (FSI) under DC Regulation 33 (7), from the earlier 2.5 FSI, DB Realty said in a statement.
The company said, the increase in FSI offers substantial positive development for the company and the project offers substantial revenue potential for the company.
The project is one of the large projects of the company and the approval represents a significant positive event for the company, it added.
Neelkamal Realtors and Towers Private Limited, a subsidiary of D B Realty, is developing a project known as “DB Orchid Heights”, near Jacob Circle, Mahalaxmi, Mumbai.
