Mumbai : Godrej Properties Ltd acquires Raj Kapoor’s Bungalow in Mumbai for Rs 500 carore
Godrej Properties Ltd has acquired legendary film actor, director and producer Raj Kapoor’s Bungalow at Chembur in Mumbai to develop a luxury housing project with a sales potential of Rs 500 crore.
The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, the company said in a regulatory filing.
When contacted, Godrej Properties Executive Chairman Pirojsha Godrej told PTI: “The total size of the land is around 1 acre. We will develop a premium housing project on this land parcel.”
“The project will have an estimated sales revenue potential of about Rs 500 crore,” Pirojsha Godrej said.
He did not disclose the deal value citing confidentiality.
The site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to Tata Institute of Social Sciences (TISS).
In May 2019, Godrej Properties had acquired R K Studios in Chembur from the Kapoor family to develop a premium mixed-use project Godrej RKS. The project is expected to be delivered this year.
Gaurav Pandey, MD and 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.”
Ref:https://www.business-standard.com/article/companies/godrej-properties-acquires-raj-kapoor-s-bungalow-for-undisclosed-sum-123021700282_1.html
