Leading real estate developer Godrej Properties on Friday 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, Chembur, Mumbai, adjacent to Tata Institute of Social Sciences (TISS) and considered to be one of the most premium residential neighbourhoods of Chembur, the developer said, adding that the land was purchased from the Kapoor family, legal heirs of Raj Kapoor - Indian actor, film director, and producer.
In May 2019, Godrej Properties acquired RK Studios in Chembur, Mumbai, from the Kapoor family, to develop a premium mixed-use project, Godrej RKS. The project is expected to be delivered in 2023.
Gaurav Pandey, Managing Director and Chief Executive Officer, 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 would allow the company to further strengthen its 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," Pandey said.
Randhir Kapoor, actor, 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."
According to the real estate firm, 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 close proximity. Godrej Properties also said the site is in proximity to the Eastern Express Highway and Eastern Freeway, providing good connectivity to Bandra Kurla Complex, Central and Western suburbs of Mumbai, South Mumbai, Thane and Navi Mumbai via Sion-Panvel highway.
( With inputs from ANI )
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