Godrej group acquires Raj Kapoor’s Chembur bungalow

Godrej Properties Ltd. has acquired the legendary film actor, director, and producer Raj Kapoor’s bungalow in Chembur, Mumbai, in order to build a luxury housing project with a sales potential of Rs 500 crore. The land was purchased from the Kapoor family, the legal heirs of Raj Kapoor, the company said in a regulatory filing.

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 in Chembur, the company said in a regulatory filing to BSE on Friday.

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.”

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.

Randhir 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,” Godrej Properties, which is part of the business conglomerate Godrej Group, is one of the leading real estate developers in the country.