DB Realty, which had closed on Monday at Rs.95.15, opened higher today at Rs.99.85 and within seconds hit the 5% UC of the day at Rs.99.90, where it now stays frozen. Its 52-week high is at Rs.133.85.
The stock hit the roof after it announced that it has received a favourable ruling from the Supreme Court for a prime plot of land it owns in Mumbai.
Esteem Properties, a wholly owned subsidiary of D B Realty owns approx. 22,000 sq. mts. of land, adjoining ITC Grand Maratha Hotel, Andheri (East), Mumbai.
This prime property was subject matter of Public Interest Litigation filed by Chetan Kamble & Others. In 2010, the High Court at Mumbai had ruled against Esteem, which in turn filed an appeal against this ruling with the Supreme Court.
Calling this an “unnecessary litigation” the SC said, “we hold that institution of the public interest litigation was nothing more than an abuse of the process which cannot be allowed in the facts and circumstance so narrated.”
This freehold vacant land admeasuring approx. 22,000 Sq. mts., situated in commercial zone is now available to Esteem for development. 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.