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Monday, February 17, 2020

Godrej Properties rises over 3 per cent on launch of luxury housing project at iconic RK Studios’ site

In May last year, the company had announced the acquisition of the land in Chembur to develop mixed-use project comprising luxury flats and retail space.

By: Express Web Desk | New Delhi | Updated: January 24, 2020 1:25:48 pm
Godrej Properties has launched Godrej RKS at the iconic RK Studios’ site in Chembur. (Express archives)

Shares of Godrej Properties climbed as much as 3.08 per cent to Rs 1,051.70 on the National Stock Exchange (NSE) during the intraday trade on Friday after the real estate developer announced that it has launched a luxurious residential project at the iconic RK Studios in Mumbai’s Chembur area.

On the BSE, the stock rose 3.06 per cent to Rs 1,051.25. Over 19,000 shares of the company were traded so far in the day while on NSE, over 3.50 lakh shares exchanged hands.

In an exchange filing to the BSE, the company said that it is launching Godrej RKS and will be currently offering Collector’s Edition 3 and 4 bedroom residences.

“The Collector’s Edition residences offer architecture that takes inspiration from Bombay Art Deco design,” the filing said.

The Godrej RKS is strategically located on the main Sion-Trombay Road in Chembur. The company said that it offers well developed social and civic infrastructure with multiple schools, hospitals, retail malls, residential, and commercial spaces in the vicinity. It also offers connectivity to all parts of Mumbai including Bandra Kurla Complex (BKC), Powai and Fort because of its proximity to key roads such as the new BKC-Connector, Eastern Express Highway (EEH), Eastern Freeway, and Santacruz Chembur Link Road (SCLR).

However, the exchange release did not mention the total housing units that are to be developed and the investments to be made in the project.

Founded by the legendary Raj Kapoor in 1948, the studio was witness to the making of several films produced by the Kapoor family over the decades. It was bought by Godrej Properties in May last year and was later demolished.

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