Godrej Properties Ltd, the real estate arm of Godrej Group, has acquired late Bollywood filmmaker Raj Kapoor’s bungalow in Chembur, Mumbai, for Rs. 100 crore to develop a premium residential project, property registration documents accessed by Zapkey.com show.
The land and building are located on Deonar Farm Road in Mumbai’s Chembur area, and the land area is 4,265.50 sq m, the Index 2 document showed.
Godrej Properties said in response to queries from Moneycontrol: “The company has bought Raj Kapoor’s one-acre bungalow and is eyeing a revenue potential of Rs. 500 crore from the luxury housing project…”
The transfer deal was signed between the transferors - Randhir Ranbir Raj Kapoor, Reema Jain, Nitasha Nanda, Nikhil Nanda and Neetu Rishi Kapoor -- and transferee Godrej Properties on February 16, 2023.
On February 17, Godrej Properties said in a regulatory filing that it had acquired Raj Kapoor’s bungalow in Chembur to develop a premium residential project.
The company did not disclose the deal value in the filing.
Premium neighbourhood
The site is near the Tata Institute of Social Sciences (TISS) and is considered to be a premium residential neighbourhood in the Chembur area, the company said in its filing to BSE.
“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,”said Gaurav Pandey, Managing Director and CEO of Godrej Properties.
The land was purchased from the Kapoor family, the legal heirs of Raj Kapoor, the company said in its filing.
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.
According to the registration documents accessed by Zapkey.com, the land spread across 9655.10 sq m was acquired for Rs 250 crore in 2019.
In January 2020, Godrej Properties launched a luxury residential project at the site of the iconic RK Studios. The company is launching Collector’s Edition three- and four-bedroom residences, it had said in a statement.
The architecture of these luxury homes has been inspired by Bombay Art Deco. The development will offer state-of-the-art amenities, plush specifications and strong security attributes.
Real estate experts said the area is fast developing into a premium luxury market with the entry of Tier 1 developers.
Brindavan Terraces by Thapar Realtors comprises of 3BHK housing units in the range of Rs 7 to Rs 8 crore; 5BHK units by Rudraksh Realty are priced at Rs 15 crore and residential units in the Godrej RK Studios project are priced at around Rs 5 to Rs 6 crore. Puravankara also has a project in the area priced at around Rs 2-3 crore for 2 and 3 BHK units.
Raj Kapoor’s bungalow is located around 2 km from RK Studios.
According to local property brokers, the per sq. ft. rate in areas around the two acquisition of Godrej Properties works out to around Rs 30,000 to Rs 50,000.
The area is strategically located near Eastern Freeway-- a 16-km elevated bridge from where one can reach commercial areas of South Mumbai, Central Mumbai and Bandra Kurla Complex (BKC) -- in 30 to 50 minutes with thin traffic.
The area also is close to Navi Mumbai from where one can head towards tourist destinations like Lonavala, Khandala and Mahabaleshwar, brokers said.
(With inputs from Mehul Thakkar)
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