Realty firm Godrej Properties Friday announced the acquisition of iconic R K Studios' land in Chembur, Mumbai, where it would develop mixed-use project housing luxury flats and retail space.
Godrej Properties, part of Godrej group, said it has added a new project in Chembur, Mumbai.
"Spread across 2.2 acres, this project will offer approximately 33,000 square meters (about 0.35 million square feet) of saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience," the company said in a statement.
The company did not disclose the deal value.
Godrej Properties Executive Chairman Pirojsha Godrej said the company has added this iconic site in Chembur to its development portfolio.
"This fits well with our strategy of deepening our presence in key locations across India's leading cities. We will seek to ensure we celebrate the remarkable legacy of this site with the goal of delivering an outstanding lifestyle for its residents," he added.
Randhir Kapoor of R K Studios said, "This property in Chembur has been of tremendous significance to my family over the many decades that R K Studios has operated from there."
"We...have chosen Godrej Properties to script a new chapter for this location and build upon its rich history," said Kapoor, the eldest son of late actor Raj Kapoor.
The site is strategically located on the main Sion-Panvel Road and offers an extremely well developed social and civic infrastructure with multiple schools, hospitals, retail malls, residential, and commercial spaces in close proximity, the realty firm said.
Godrej Properties generally ties up with land owners to develop real estate projects, but sometimes it also opts for outright purchase of strategic land parcel, it added.
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