MUMBAI: Real estate firm Godrej Properties on Friday announced the acquisition of the iconic R K Studios' land in Chembur, Mumbai, where it would develop a mixed-use project that would include luxury flats and retail space.

'Spread across 2.2 acres, this project will offer approximately 33,000 square meters (about 0.35 million square feet) of the saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience,' the company said in a statement.

The company did not disclose the deal value. Executive Chairman Pirojsha Godrej said that the company has added this iconic site in Chembur to its development portfolio.

Randhir Kapoor said that this property has been of tremendous significance to his family over the many decades that R K Studios operated from there. 'We...have chosen Godrej Properties to script a new chapter for this location and build upon its rich history,' he added.