DB Realty soars 8% on signing JV with ECC, Konark

The residential project will be located in Andheri and DB Realty will hold 75% share in the project

Shares of DB Realty have surged over 8% to Rs 66 on the Bombay Stock Exchange (BSE) after the company signed a Joint Venture (JV) with ECC and Konark to develop residential project namely DB Skypark in Mumbai.
 

The residential project will be located near the Terminal 2 of International airport in Andheri and DB Realty will hold 75% share in the project.

According to the BSE filing, there will be seven towers of 12 storey each with a total built up area of 4.7 lakh sqft. Also, the company added that the project has achieved financial closure and  the work has commenced for the first phase. 

 

The entire project is anticipated to be completed in the span of three years. 

The project is a positive development for the company as the project will offer substantial cash flow potential for the company in the near future. 

The stock opened at Rs 65.55 and touched a high of Rs 66.99 on the BSE so far.