Oberoi Realty rallies 15% as SC frees up stuck projects in Mumbai

NEW DELHI: Oberoi Realty rallied as much as 14.85% in early trade. The rally comes on the back of a Supreme Court order on private forest land that frees up hundreds of acres in suburban Mumbai for development.

The ruling set aside an earlier Bombay High Court order restricting the same, according to media reports.

There were several projects that were stuck due to the high court ruling.

The stock however pared morning gains and closed the day at Rs 204.35, down 2.05%.

“Large Mumbai developers such as Oberoi Realty, whose projects have been stuck for the past few years, can go ahead and launch and sell their projects now,” media reports quoted.

“Most of these projects have been stuck since 2006, when the BrihanMumbai Municipal Corporation (BMC) issued stop-work notices. Oberoi Realty’s project in suburban Mulund, which has been stuck over this issue, should be free to launch now,” added the report.