DB Realty rallies over 17% on hopes of approvals on stuck projects

NEW DELHI: DB Realty Ltd rallied as much as 17.2 per cent in trade on Thursday after the Mumbai-based real estate developer said that it expects three of its projects in prime locations of Mahalaxmi, Marine Lines and Bandra (West) in Mumbai, which were stuck for lack of clearances from state government departments, are expected to get approvals soon.

At 09:30 a.m.; DB Realty was trading 11.3 per cent lower at Rs 78.20. It hit a low of Rs 74.40 and a high of Rs 82.10 in trade today.

In a notice sent to NSE on Wednesday, the company said the Bombay High Court has directed Municipal Corporation of Greater Mumbai (MCGM) and Maharashtra Coastal Zone Management Authority (MCZMA) to issue the clearances for these projects.

"The company considers this as a significant event which will have substantial impact on the future earnings of the company," DB Realty said in press releases sent to NSE.