Godrej Properties, one of India’s leading real estate developers, on Friday announced the acquisition of legendary actor Raj Kapoor’s Bungalow in Chembur area. The Mumbai-based real estate developer is planning to build a premium residential project at the iconic location.
Considered to be one of the most premium residential neighbourhoods of Chembur, Raj Kapoor’s bungalow site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to Tata Institute of Social Sciences (TISS). The land was purchased from the Kapoor family, legal heirs of the legendary actor, film director, and producer.
Godrej Properties latest purchase comes about four years after it acquired R.K. Studios in Chembur from the Kapoor family in May 2019. The deal was done to develop a premium mixed-use project, Godrej RKS, which is expected to be delivered this year.
Godrej Properties MD & CEO Gaurav Pandey 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. The demand for premium developments has been strong over the past few years.
This project will allow the company to further strengthen its presence in Chembur. It will aim to build an outstanding residential community that creates long term value for its residents and celebrates the legacy of the site.
On giving the bungalow to Godrej Properties, veteran actor and Raj Kapoor’s son Randhir Kapoor said, “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.”
Raj Kapoor Bungalow Project Cost, Details
The total size of the land is around 1 acre on which the real estate developer plans to build a premium housing project. Godrej Properties Executive Chairman Pirojsha Godrej told PTI that the project will have an estimated sales revenue potential of about Rs 500 crore. He did not disclose the deal value citing confidentiality.
Meanwhile, Mumnbai’s Chembur is an established residential location with good infrastructure consisting of healthcare centres, educational institutions, entertainment & recreational centres along with commercial and retail outlets in proximity.
