New Delhi: Another property of late actor Raj Kapoor, popularly known as Showman, has been sold. His bungalow spread over an acre in Mumbai’s Chembur area has been bought by Godrej Properties Ltd. for Rs 100 crore. The company will demolish this Raj Kapoor bungalow and build a luxury housing project worth Rs 500 crore. Each flat in this multi-storey building will be worth crores of rupees. This bungalow of Raj Kapoor is next to the Tata Institute of Social Sciences (TISS) on Deonar Farm Road. It is considered to be the costliest locality of Chembur. Chembur is a prime residential market well connected to BKC (Bandra Kurla Complex). This company of Godrej Group has bought about 15 plots across the country in this financial year, on which projects worth about Rs 28,000 crore can be developed.
Earlier, Godrej Properties had bought Raj Kapoor’s RK Studio in May 2019. A mixed use project Godrej RKS is also being developed there. It is expected to be completed this year. Gaurav Pandey, MD & CEO, Godrej Properties said, “Raj Kapoor’s iconic project is now a part of our portfolio. We are glad that the Kapoor family gave us this opportunity. There has been a spurt in demand for premium developments in the last few years. This project will help us further strengthen our position in Chembur. A luxurious residential community will be developed on this.
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Pirojsha Godrej, executive chairman of Godrej Properties, said that the total size of the land is about one acre. We will develop a premium residential project on it. Its sales income is expected to be around Rs 500 crore. Randhir Kapoor, son of Raj Kapoor, said, “We have many memories attached to this property and it holds great importance for our family. We look forward to taking this rich legacy of the company to the next phase. Godrej Properties is a subsidiary of the Godrej Group.
Earlier, Godrej Properties had also bought Raj Kapoor’s RK Studio in May 2019. In this, modern residential apartments and luxury retail space are being developed in an area of 33 thousand square meters. Raj Kapoor established RK Studios in 1948. The events held in it on the occasion of Holi and Ganeshotsav were very popular in Bollywood. In the year 2017, a major part of RK Studio was gutted in a fire. After this the Kapoor family decided to sell it.
