Godrej Properties buys Raj Kapoor’s Mumbai Bungalow for Rs 100 crore
   Date :18-Feb-2023

Raj Kapoor 
 
 
 
NEW DELHI,
GODREJ Properties Ltd has acquired legendary film actor, director and producer Raj Kapoor’s Bungalow at Chembur in Mumbai for around Rs 100 crore 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. Sources said the deal value is around Rs 100 crore.
When contacted, real estate consultant Anarock Chairman Anuj Puri told PTI: “The market rate of one acre land at Chembur will be Rs 100-110 crore. Chembur is a vibrant residential market with good connectivity to BKC (Bandra Kurla Complex).” Puri said many developers have launched luxury projects in Chembur and the demand for such premium homes is strong across Mumbai city. Godrej Properties said in a filing that the site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to Tata Institute of Social Sciences (TISS). 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.”