[ad_1]
Mumbai: Godrej Properties Ltd. (GPL) announced Friday that it has purchased the iconic R.K of Mumbai. Studios, founded by the legendary actor Raj Kapoor, for an undisclosed amount.
The company will develop the property, spread over 2.2 hectares, into a project covering a salable area of 0.35 million square feet including modern residential apartments of different configurations. As an experienced in luxury commerce, Godrej Properties said in a document filed at BSE.
Mint reported on October 27, 2018 that the company was in talks with the Kapoor family in order to buy the property for near ₹ 200 crore.
RK Studios was the headquarters of Raj Kapoor's film production company, RK Films and was a filming hub, particularly in the 1970s and 1980s.
"We are pleased to add this site emblematic of Chembur to our development portfolio. This fits well with our strategy to strengthen our presence in key locations in major Indian cities, "said Pirojsha Godrej, executive chairman of Godrej Properties, on the record.
The company said the site was strategically located on the main bridge of Sion-Panvel Road in Mumbai and offers a well developed social and civic infrastructure with several schools, hospitals, shopping malls, residential and commercial spaces very close to each other.
"We will strive to celebrate the remarkable legacy of this site for the purpose Godrej said Godrej.
Randhir Kapoor, son of the late Raj Kapoor, said that property has been "of considerable importance" to the family for several decades. "We are delighted to have chosen Godrej Properties to write a new chapter for this place and build on its rich history," said Kapoor.
In an interview published August 26, Rishi Kapoor, brother of Randhir Kapoor, told Mumbai Mirror What the family decided collectively to sell to RK The reconstruction of the studios is no longer economically viable, it was damaged by a fire a year ago. Kapoor also said that his family had considered renovating the property with state-of-the-art technology.
Godrej Properties shares traded at ¥ 832 per share, up 1.37% from the previous close, while Senbad was 39,067.09 points, up 0 , 24%.
Source link
