The land was purchased from the Kapoor family, who are the legal heirs of Raj Kapoor, Godrej Properties confirmed.
In a recent real estate deal, Godrej Properties Ltd has acquired legendary film actor, director and producer Raj Kapoor‘s Bungalow, which is located at Chembur in Mumbai. It will be developed into a luxury housing project with a sales potential of Rs 500 crore. Godrej Properties Ltd has purchased the land from the Kapoor family, legal heirs of Raj Kapoor.
Godrej Properties Executive Chairman Pirojsha Godrej told PTI, “The total size of the land is around 1 acre. We will develop a premium housing project on this land parcel. The project will have an estimated sales revenue potential of about Rs 500 crore.” It is located at Deonar Farm Road, Chembur, Mumbai, just next to Tata Institute of Social Sciences (TISS).
Gaurav Pandey, MD and CEO, Godrej Properties, said, “We are pleased to add this iconic project to our portfolio and are grateful to the Kapoor family for entrusting us with this opportunity.”
Randhir Kapoor further confirmed the development by stating, “This residential property in Chembur has been of great emotional and historical significance to our family. We are happy to once again associate with Godrej Properties to take forward this rich legacy for the next phase of development for this location.”
For the unversed, Godrej Properties had acquired R K Studios in Chembur too in May 2019, with an aim to develop a premium mixed-use project Godrej RKS.