Latest version: November 27, 2023, 1:03 PM IST
Raj Kapoor’s bungalow will be converted into a Rs 500 crore luxury housing project
Raj Kapoor’s iconic bungalow in Chembur, Mumbai, which was recently acquired by Godrej Properties, will soon be converted into a luxury housing project.
Raj Kapoor’s iconic bungalow in Chembur, Mumbai, which was recently acquired by Godrej Properties, will soon be converted into a luxury housing project.
The real estate arm of the Godrej Group will soon launch a premium residential complex with sales potential on a 2 lakh sq ft land parcel, spread over a 1-acre area, which was purchased from Raj Kapoor’s legal heirs in February. According to a company’s recent filing with the stock exchange, the project built on Raj Kapoor’s bungalow is estimated to have a total sales booking value of Rs 500 crore, Moneycontrol reported.
On 17 February 2023, GPL announced that it had purchased Raj Kapoor’s bungalow in Mumbai’s Chembur area to build a high-end residential complex. According to Moneycontrol, the company said the land was acquired from the Kapoor family, who are legitimate descendants of the legendary actor, filmmaker and producer.
The site is located on Deonar Farm Road in Chembur, Mumbai, close to the Tata Institute of Social Sciences (TISS) and is considered a residential area in the area. Similarly, to develop the Godrej RKS premium mixed-use project, GPL bought RK Studios in Chembur, Mumbai from the Kapoor family in May 2019.
Additionally, during the Q2FY24 earnings conference call, in response to a question about launches in the coming months following major projects in the second half of the year, the company announced that one of the upcoming launches is the Raj Kapoor Bungalow in Chembur.
“A few big ones that we are waiting for – the first one is 49 Gurgaon It is in advanced stage of approval. And our idea is to try and do a Q3 launch internally. Then we acquired Raj Kapoor’s bungalow in Chembur. This will be another upcoming launch,” Gaurav Pandey, Managing Director (MD) and CEO of GPL said during the conference call, as reported by Moneycontrol.
Furthermore, the company also wants to enter the Hyderabad real estate market, as stated by GPL’s executive chairperson Pirojsha Godrej, on November 2, 2023, while releasing the results for the second quarter of the current financial year (Q2FY24).
The company also claims to have different approaches for plotted development and group housing. The leading real estate firm intends to focus on the top six markets – Mumbai, Bangalore, Delhi-NCR, Pune, Ahmedabad and Kolkata.
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