Shares of Mumbai-based real estate companies witnessed upward movements after the news report of Shiv Sena-BJP ruled Municipal Corporation of Greater Mumbai (MCGM) on Thursday came out with a revised draft development plan which recommends a hike in the floor space index (FSI) from the present 1.33 to 2 and in some cases even up to 5.

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At 13:52 hours, the shares of Indiabulls Real Estate company were trading up 10.73% or Rs 6.10 to Rs 62.95 per scrip on the Bombay Stock Exchange (BSE). 

At 13:52 hours, the shares of DB Realty were trading up 10.30% or Rs 4.80 to Rs 51.40 per scrip on the stock exchange. 

At 13:54 hours, the shares of Housing Development and Infrastructure Ltd (HDIL) were trading up 5.85% or Rs 4.85 to Rs 87.75 per scrip on the exchange. 

At 13:54 hours, the stock of Godrej Properties was trading up 3.39% or Rs 11.20 to Rs 341.90 on the stock exchange.

At 14:04 hours, the BSE S&P Realty index was trading up 2.98% or Rs 39.33 to Rs 1,358.05 on the exchange.

MCGM commissioner Ajoy Mehta told reporters the new draft plan proposes to hike FSI up to 2 from the current 1.33 in the island city and one in suburbs. For the construction of five-star hotels and commercial development, it proposes FSI of 5 from the present 3 to 3.5.

"This draft plan has an overall goal of balancing the (needs of) economy with an environment and social equality" as well as providing employment to eight million people, Mehta said.

 (With PTI Inputs)