Shares of real-estate firms Godrej Properties and Oberoi Realty enjoyed significant gains in early morning trade on Friday, thanks to the Supreme Court's favourable verdict on Mumbai private forest land.
The apex court on Thursday quashed all prior notices and orders regarding encroached forest land in different areas bordering the rambling Sanjay Gandhi National Park in Mumbai.
The realty division may still be in a slump, but big developers are positive on demand for residential property in the nation.
They are going ahead with plans to roll out various projects in the existing financial year as they expect sales to be better than the last year.
While Godrej Properties proposes to introduce around 15 projects during this fiscal, Oberoi Realty anticipates developing almost 33 lakh sq ft.
The nation's biggest developer DLF is making plans to set up about 10-12 million sq ft during the same financial year.
Today the initial public offering of Mumbai-originated, Oberoi Realty's is worth 395.62 lakhs equity shares that unbolted for subscription.
The real estate group is aiming at the finest growths and on residential plans and aspires to lift up Rs 1,000 crore in the course of the IPO.
On Tuesday the IPO has established pledge of Rs 185.15 crore from presenter investors as alongside allotment at Rs 260 a share of 71,21,160 equity shares, at elevated edge of price band of Rs 253-260 a share.
The Oberoi Realty has decided a price band of 253 to 260 rupees per share for its 39.5 million shares in initial public offer and the firm is looking at raising a little over Rs. 1000 crore. This statement was said by a person familiar with the plans of the company.
The plan was to raise Rs. 1500 crore earlier but then revised down because of the improved cash reserves owing to better response to the recently launched projects. And the company has decided to lower its plans now.