Realty firm Godrej Properties on 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.

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.

Business Line