Godrej Properties Ltd has purchased the Chembur bungalow of the legendary film actor, director and producer Raj Kapoor to create a luxury housing project with the potential to generate sales worth ₹500 crore.
According to a regulatory filing, the land was purchased from the Kapoor family, who are the legal heirs of Raj Kapoor.
Pirojsha Godrej, the Executive Chairman of Godrej Properties, revealed that the land is around one acre in size and the company plans to develop a premium housing project on it with an estimated sales revenue potential of about ₹500 crore.
The site is located at Deonar Farm Road, Chembur, Mumbai, next to the Tata Institute of Social Sciences (TISS).
The company had previously acquired R K Studios in Chembur from the Kapoor family in May 2019 to develop a premium mixed-use project, Godrej RKS.
Gaurav Pandey, the MD and CEO of Godrej Properties, expressed pleasure at adding this iconic project to their portfolio and thanked the Kapoor family for the opportunity.
Godrej Properties has a significant presence in the Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune and Bengaluru, and has acquired over 15 land parcels so far this fiscal year, with sales potential of around ₹28,000 crore.
The company aims to cross at least ₹30,000 crore in new business development by the 2022-23 financial year.
Sales bookings for the April-December period of the 2022-23 fiscal year have increased by 77% year-on-year to ₹8,181 crore.
