Godrej Properties Limited, the real estate development branch of the conglomerate Godrej Group, has acquired legendary Bollywood actor Raj Kapoor’s bungalow in the Chembur suburb of Mumbai for an undisclosed sum to develop a premium residential project. The bungalow is situated on Deonar Farm Road in Chembur, Mumbai, which is next to the Tata Institute of Social Sciences (TISS), and is considered one of the most premium residential localities of Chembur, the company said in a regulatory filing to BSE on Friday.
The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, the company said in its filing. Actor Randhir Kapoor, the eldest son of Raj Kapoor and father of actors Karishma Kapoor and Kareena 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.” 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.” Earlier in 2019, Godrej Properties acquired RK Studios in Chembur from the Kapoor family and is developing a premium mixed-use project, Godrej RKS. The project is expected to be completed and handed over to customers within 2023.