Legendary film actor, director and producer Raj Kapoor's bungalow at Chembur in Mumbai was sold to Godrej Properties Ltd. The luxury housing project with a sales potential of ₹500 crores. The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, the company said in a regulatory filing.
A Hindustan Times report contacted 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."
He continued, "The project will have an estimated sales revenue potential of about ₹500 crore." He did not disclose the deal value citing confidentiality.
The site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to Tata Institute of Social Sciences (TISS). Godrej Properties had acquired RK Studios in Chembur from the Kapoor family to develop a premium mixed-use project Godrej RKS. The project is expected to be delivered this year.
"We are pleased to add this iconic project to our portfolio and are grateful to the Kapoor family for entrusting us with this opportunity," Gaurav Pandey, MD and CEO, of Godrej Properties said.
Pandey revealed that there has been a high demand for premium developments and this project will allow the company to further strengthen its presence in Chembur.
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."
Godrej Properties, which is part of the business conglomerate Godrej Group, is one of the leading real estate developers in the country.
Image Source: Instagram