Orbit Corp says Santacruz project stake sale not finalized yet

MUMBAI: Mumbai-based realty developer Orbit Corporation Thursday said it is in process of selling its acquired share in the development of a land parcel at Santacruz suburb of Mumbai. However, the deal has not been finalized yet.

The developer also added in its filing on Bombay Stock Exchange that it is in process of selling few of its properties in the normal course of business.

Orbit Corporation is in talks with local developers to sell stakes in four projects - three redevelopment projects in central and south Mumbai, and a 17-acre slum rehabilitation project in Santacruz suburb.

The company's project in Santacruz involves rehabilitation of 2,200 slums spread over 17 acres near Khira Nagar on SV Road.

On Thursday, shares of Orbit Corporation closed at Rs 45.50 on the Bombay Stock Exchange, up 9.5% over Wednesday's close.