DB Realty, ECC, Konark to develop residential project in Mumbai

MUMBAI: City-based real estate firm DB Realty today said it has joined hands with ECC and Konark to develop a residential project in Andheri in suburban Mumbai.

"ECC-DB-Konark joint venture is developing a residential project--'DB Skypark' near Terminal 2 of International airport in Andheri," DB Realty said in a filing to the BSE.

DB Realty will have a 75 per cent share in the project, the company said. The JV will develop seven towers of 12 storey each with a total built up area of 4.7 lakh sqft.

"The project has achieved financial closure and the work has commenced for the first phase. The entire project is expected to be completed in three years," it added.

It further said the project was a "positive development" as it offers substantial cash flow potential for the company in the near term.

Shares of the company closed 0.16 per cent down at Rs 60.95 apiece on BSE.