Godrej Properties Acquires Chembur Bungalow of The Iconic Actor Raj Kapoor

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Godrej Properties Acquires Raj Kapoor's Bungalow in Chembur, Mumbai

Godrej Properties Ltd confirmed recently that it had bought Raj Kapoor's Bungalow in Chembur, Mumbai, in order to construct a luxury project.The property was acquired from the Kapoor family, Raj Kapoor's legal heirs, according to a regulatory filing by the business.

The transaction price has not been revealed.

Godrej Properties, a subsidiary of the Godrej Group, is one of the most prominent real estate developers in India, with a large presence in Mumbai Metropolitan Region (MMR), Delhi-National Capital Region (NCR), Pune, and Bengaluru.

The opulent mansion in Chembur is situated on Deonar Farm Road close to Tata Institute of Social Sciences (TISS).

Godrej Properties bought R K Studios in Chembur from the Kapoor family in May 2019 for the development of the premium mixed-use property Godrej RKS.

The planned completion date for the project is 2023.

Gaurav Pandey, MD and CEO of Godrej Properties, stated that they were pleased to add this iconic project to their portfolio and were grateful to the Kapoor family for entrusting them with this opportunity. He further stated that this project would allow Godrej Properties to strengthen their presence in Chembur.

"This residential home in Chembur has enormous emotional and historical value to our family. We are pleased to partner with Godrej Properties once again to continue this location's illustrious tradition in the next phase of development"

The demand for branded luxury residences in Mumbai has been exceptionally high in 2022, and feedback from the Mumbai real estate market indicates that this desire will only increase in 2023 and beyond.