Godrej Prop buys land of RK Studios, Chembur

The iconic site in Chembur was RK Studios' headquarter and was established by Bollywood legend Raj Kapoor. The 2.2 acre property is situated on the arterial Sion-Panvel Road and a sought-after location in Mumbai.

The company plans to develop a mixed-use project on the property. The project will offer approximately 33,000 sqm of saleable area with residential apartments of various sizes and provide luxury retail avenues.

Although, the company has not disclosed the exact transactions amount for the deal. The price range for the property is expected to be within Rs. 170 crore to 190 crore, according to media reports in October 2018.

The company had reported outstanding results for Q4FY19, with consolidated total income up more than 130 per cent YoY to Rs. 1,200 crore. Net profit jumped nearly 271 per cent yoy to Rs. 157 crore from Rs. 42 crore. Net profit margin too improved to 13 per cent from 8.2 per cent in Q4FY18.

Reacting to this news, at 10:33 hours, the stock of Godrej Properties Limited was trading at Rs. 834.85 per share, up by Rs. 14.10 or 1.72 per cent on Friday. The stock has shown a trend reversal and displayed gains after four consecutive days.