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Godrej buys Kapoors’ iconic Bollywood studio property for real assets challenge

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Godrej buys Kapoors’ iconic Bollywood studio property for real assets challenge

by Nick Massey
May 4, 2019
in Real Estate
0

Mumbai developer Godrej Properties Ltd stated on Friday it has offered the iconic RK Studios and plans to broaden a combined-use actual property project at the land parcel.

The Chembur studio is one of the legacies of mythical actor Raj Kapoor and has given a platform to many movie personalities over time. It unfolds over an area of 2.2 acres and gives a saleable place of 33,000 rectangular meters.

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The developer said in an inventory-alternate submitting that it’s going to convert the land parcel right into a mission comprising residential flats of various configurations as well as a luxury retail shop.

The announcement did not specify the deal length however it’s miles expected to be within the variety of Rs 500 crore.

Raj Kapoor’s sons had together decided to place the assets at the block sometime again.

Pirojsha Godrej, govt chairman at Godrej Properties, said the deal suits nicely with its strategy of deepening its presence in key locations across India’s leading cities.

The assertion said that the land parcel is positioned on the principle Sion-Panvel avenue and gives a properly-developed social and civic infrastructure with a couple of schools, hospitals, retail department stores, residential, and industrial areas in near proximity.

Godrej Properties, which has a presence across residential and business segments, usually moves joint ventures with landowners for growing an assignment. It follows an asset-light version and seldom acquires land parcels to construct initiatives.

Recently, it entered into a joint project with a developer to develop 4.25 acres sea-going through belongings in the top suburban micro-marketplace of Bandra West, Mumbai.

The organization stated it completed its highest-ever booking numbers in the ultimate quarter of the financial year 2018-19. The developer sold extra than 2,900 houses with a complete vicinity of approximately three.75 million sq. Ft and a booking price in excess of Rs 2,100 crore all through the quarter.

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The Business of Real Estate

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