Real estate developer Godrej Properties Ltd on Friday said it has acquired Raj Kapoor’s Bungalow in Chembur to develop a premium residential project. Though the company did not disclose the deal value, a Moneycontrol report attributing property registration documents accessed by Zapkey.com said it is worth Rs 100 crore.
The land and building is located at Deonar Cottage, Deonar Farm Road, Deonar, in Mumbai and the land area is 4,265.50 sq metre, according to the Index 2 document.
“The site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to Tata Institute of Social Sciences (TISS) and is considered to be one of the most premium residential neighbourhoods of Chembur. The land was purchased from the Kapoor family, legal heirs of Raj Kapoor – Legendary Indian actor, film director, and producer,” Godrej Properties said in a statement on Friday.
In May 2019, Godrej Properties had also acquired R.K. 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, MD & 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. 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.”
Godrej Properties had in January 2020 also launched a luxury residential project at the iconic RK Studios in south Mumbai’s tony Chembur neighbourhood. The company is launching Collector’s Edition three and four-bedroom residences, it had said in a statement. The architecture of these luxury homes is inspired by Bombay Art Deco. The development will offer state-of-the-art amenities, plush specifications and strong security attributes.
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