Raj Kapoor’s iconic bungalow at Chembur in Mumbai has been acquired by Godrej Properties Ltd. To be developed in a luxury housing project with a sales potential of Rs 500 crore. The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, the company said in a regulatory filing.

Godrej Properties Executive Chairman Pirojsha Godrej told a new agency, “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.” He did not disclose the value of the deal citing confidentiality.

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Raj Kapoor’s iconic bungalow is located at Deonar Farm Road, Chembur, Mumbai, adjacent to Tata Institute of Social Sciences (TISS). This is the second property of Kapoor’s acquired by Godrej Properties after it bought RK Studios in Chembur from the family in May 2019 to develop a premium mixed-use project Godrej RKS. The project is expected to be delivered this year.

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. The demand for premium developments has been strong over the past few years, he said. 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."

(Source: PTI)