DB Realty shares hit 5% upper circuit as it wins legal case regarding Mumbai land parcel
Published On: Wednesday, March 2, 2022 | By: Team KnowMyStock
Shares of DB Realty hit the 5 percent upper circuit on Wednesday as the company informed the stock exchanges that the firm has won the title of land owned by it in Mumbai and will now develop a 2 million square feet office complex. The matter which was under the review of The Supreme Court through public interest litigation (PIL), was cleared by the apex court on February 28 in favor of the real estate developer. The court through its order has allowed the subsidiary of the company – Esteem Properties to develop this land in Mumbai. In a regulatory filing, D B Realty informed that its subsidiary Esteem Properties owns about 22,000 square meters of land at Andheri (East) in Mumbai and was the subject matter of Public Interest Litigation."The Company intends to develop the subject land into a 2.00 million sq feet (leasable area) grade A office space in the next 3 years."
"By order dated 7 May, 2010, the Hon. High Court at Mumbai had ruled against Esteem. Esteem subsequently preferred an appeal against the Hon. High Court's Order before the Honourable Supreme Court”, the company said in the regulatory filing.
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