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Godrej Properties stock rises 5% as firm purchases RK Studios' land

Shares of Godrej Properties rose 5 per cent intraday on Friday after the Mumbai-based real estate developer announced purchase of R.K. Studios' land in Chembur, Mumbai.

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Godrej Properties stock rises 5% as firm purchases RK Studios' land
The Mumbai-based real estate developer announced the addition of a new project in Chembur, Mumbai.

Shares of Godrej Properties rose 5 per cent intraday on Friday after the Mumbai-based real estate developer announced purchase of R.K. Studios' land in Chembur, Mumbai.

The stock rose 5.14  per cent to day's high of Rs 863 on BSE and 2.87 per cent to touch Rs 844 on NSE, against the previous close of Rs 820.75 and Rs 820.40, respectively.

At 12:35 pm, the stock was trading up 7 points or 0.86 per cent at Rs 827 on BSE and at Rs 825 on NSE, up 5 points. A total of 0.25 lakh and 3 lakh shares were traded on the exchange platforms, BSE and NSE respectively.

The Mumbai-based real estate developer announced the addition of a new project in Chembur, Mumbai and plans to develop a mixed-use project at this iconic location.

The project that is spread across 2.2 acre, offers approximately 33,000 square meters (approximately 0.35 million square feet) of saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience.

As per the filing submitted to both the exchanges, "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."

Pirojsha Godrej, Executive Chairman, Godrej Properties said, "We are happy to add this iconic site in Chembur to our development portfolio. This fits well with our strategy of deepening our presence in key locations across India's leading cities. We will seek to ensure we celebrate the remarkable legacy of this site with the goal of delivering an outstanding lifestyle for its residents."

(Edited by Rupa Burman Roy)

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