The Mumbai-based real estate developer will develop a premium residential project at the location.
Godrej Properties (GPL) announced that it has acquired Raj Kapoor's Bungalow in Chembur to develop a premium residential project.The site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to Tata Institute of Social Sciences (TISS) and is considered to be one of the most premium residential neighbourhoods of Chembur. The land was purchased from the Kapoor family, legal heirs of Raj Kapoor - legendary Indian actor, film director, and producer, the realtor said in a statement.
In May 2019, Godrej Properties had acquired R.K. Studios in Chembur, Mumbai, from the Kapoor family, to develop a premium mixed-use project, Godrej RKS. The project is expected to be delivered in 2023.
Gaurav Pandey, MD & CEO, Godrej Properties, said, "This project will allow us to further strengthen our presence in Chembur. We will aim to build an outstanding residential community that creates long term value for its residents and celebrates the legacy of the site."
Chembur is an established residential location. The site is in proximity to the Eastern Express Highway and Eastern Freeway, providing connectivity to Bandra Kurla Complex (BKC), Central and Western suburbs of Mumbai, South Mumbai, Thane and Navi Mumbai via Sion-Panvel highway.
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In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved.
The realtor's consolidated net profit jumped 51% to Rs 59 crore in Q3 FY23 compared with Rs 39 crore in Q3 FY22. Revenue from operations declined 29.61% to Rs 196.23 crore as against Rs 278.76 crore in Q3 FY22.
The Godrej Properties scrip rose 1.23% to Rs 1185.50 on Thursday, 16 February 2023.
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