Shares of Godrej properties slumped in the early morning trade on Friday after the real estate company announced the acquisition of Bollywood legend Raj Kapoor‘s Mumbai Bungalow.
What Happened: The company in a regulatory filing on Friday informed that it had acquired Raj Kapoor's Bungalow in Chembur to develop a premium residential project.
The real estate developer said that the site located at Deonar Farm Road, near the Tata Institute of Social Sciences (TISS) is considered to be one of the most premium residential neighbourhoods of Chembur.
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"The land was purchased from the Kapoor family, legal heirs of Raj Kapoor – Legendary Indian actor, film director, and producer," the company added.
Earlier in May 2019, the real estate giant had acquired R.K. Studios also located in Chembur, from the Kapoor family, "to develop a premium mixed-use project, Godrej RKS."
It expects to complete the project in 2023.
Talking about the acquisition Gaurav Pandey, the company's MD & CEO said, “the demand for premium developments has been strong over the past few years. This project will allow us to further strengthen our presence in Chembur."
Pandey also expressed gratitude towards the Kapoor family for the acquisition.
Price Action: Shares of Godrej Properties were down 1.45% to trade at ₹1,168.35 in the early hours of trading on Friday.
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