DB Realty shares zoom on JV with ECC, Konark for residential project

City-based real estate firm DB Realty shares gained over 6 per cent on Friday after the company informed BSE on June 18 that 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 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 square feet. 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.

In a filing, the company said, "The project was a positive development as it offers substantial cash flow potential for the company in the near term."

The share price of DB Realty closed at Rs 64.80, up 6.32 per cent against its previous close. Meanwhile, it opened at Rs 65.55 and has touched an intra-day high and low of Rs 66.90 and 64.40.

The BSE Sensex gained 0.74 per cent at 27,316.17.