DB Realty up 20%, to get MCGM nod soon for Mahalaxmi plans

Investors lapped up shares of DB Realty on Wednesday as the Mumbai-based real estate company is soon getting approval for its Mahalaxmi project from municipal corporation. The stock was locked at 20 percent upper circuit at Rs 70.05 on the Bombay Stock Exchange, at 15 hours IST. There were pending buy orders of 170,852 shares, with no sellers available.

DB Realty said Bombay HC has directed Municipal Corporation Of Greater Mumbai (MCGM) to process company's Mahalaxmi plans, reports CNBC-TV18.

The realty player expects approval from MCGM for joint venture project at Mahalaxmi by the first quarter of next calendar year 2015. "We already received approval to develop Marine Lines project," it adds.

Meanwhile, last week, its another project DB Woods in Goregaon (East) in Mumbai by a subsidiary company of DB Realty received full Occupation Certificate. The development comprised three residential towers of 55 stories each and 630 flats.