Godrej Properties Ltd, the real estate arm of the Godrej Group, announced that it has acquired Raj Kapoor’s bungalow in Chembur to develop a premium residential project.
The site is located at Deonar Farm Road in Chembur, Mumbai, adjacent to the Tata Institute of Social Sciences (TISS) and is considered to be one of the most premium residential neighbourhoods of Chembur, the company said in filing a to BSE on February 17.
Gaurav Pandey, Managing Director and CEO of 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. This project will allow us to further strengthen our presence in Chembur. We will aim to build an outstanding residential community that creates long-term value for its residents and celebrates the legacy of the site.”
The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, the company said in its filing.
Commenting on the development, Randhir Kapoor, actor and son of Raj 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.”
In May 2019, Godrej Properties 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 in 2023.
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