Raj Kapoor’s Chembur bungalow acquired by Godrej Properties

Raj Kapoor’s bungalow: Godrej Properties Limited, the real estate development branch of the conglomerate Godrej Group, has acquired legendary Bollywood actor Raj Kapoor’s bungalow in the Chembur suburb of Mumbai for an undisclosed sum to develop a premium residential project.

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

The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, the company said in its filing.

Actor Randhir Kapoor, the eldest son of Raj Kapoor and father of actors Karishma Kapoor and Kareena 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.”

Gaurav Pandey, Managing Director and CEO of 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. This project will allow us to further strengthen our presence in Chembur. We will aim to build an outstanding residential community that creates long-term value for its residents and celebrates the legacy of the site.”

Earlier in 2019, Godrej Properties acquired RK Studios in Chembur from the Kapoor family and is developing a premium mixed-use project, Godrej RKS. The project is expected to be completed and handed over to customers within 2023.

Chembur is one of the established and premium residential locations in the Mumbai suburbs. The site is close to the Eastern Express Highway and Eastern Freeway, which connects the area to Bandra Kurla Complex (BKC), Central and Western suburbs of Mumbai, South Mumbai, Thane, and Navi Mumbai via Sion-Panvel highway.

Godrej Properties was one of the largest developers in India in FY21 by the value and volume of residential sales achieved.

The real estate major’s consolidated net profit jumped 51 per cent to Rs 59 crore in Q3 FY23 compared with Rs 39 crore in Q3 FY22. Revenue from operations declined 29.61 per cent to Rs 196.23 crore as against Rs 278.76 crore in Q3 FY22.