Raj Kapoor’s Chembur Bungalow Sold To Develop 500 Crore Worth Luxury Housing Project!(Pic Credit: Movie Still)
Advertisement
Legendary actor-filmmaker Raj Kapoor is considered to be one of the greatest and most influential artists in Hindi Cinema. Kapoor’s Bungalow at Chembur in Mumbai, which has been with the family for a long time has been sold to a real estate developer. Scroll down to know more.
The site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to the Tata Institute of Social Sciences (TISS). The Kapoor family previously sold the RK Studio in Chembur to Godrej Properties back in May 2019. Now the bungalow has also been sold to the company.
Godrej Properties purchased Raj Kapoor’s Bungalow at Chembur from the Kapoor family to develop a luxury housing project with a sales potential of ₹500 crores, as per the company’s regulatory filing. The real estate company’s Executive Chairman Pirojsha Godrej said to the news agency 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 ₹500 crores,” Pirojsha Godrej said. He did not disclose the deal value citing confidentiality. However, now the project is expected to be delivered this year. Randhir Kapoor also issued a statement after selling Raj Kapoor’s bungalow to the real estate company.
He 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, MD 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, he said. This project will allow the company to further strengthen its presence in Chembur, Pandey said.
