The late actor Raj Kapoor’s Chembur bungalow in Mumbai has been acquired by Godrej Properties for a whopping Rs. Rs 100 crore to develop a premium residential project. The property is located in the Deonar area at the Chembur location of Mumbai. The surface of the land is 4,265.50 m2. The report states that the transfer agreement was signed by transferors Randhir Ranbir Raj Kapoor, Reema Jain, Nitasha Nanda, Nikhil Nanda and Neetu Rishi Kapoor on February 16.
Raj Kapoor’s Chembur bungalow acquired by Godrej Properties for Rs. 100 crores
As reported by Money Control, Godrej Properties said in a statement: “The company has purchased the one-acre bungalow from Raj Kapoor and is considering an earning potential of Rs. 500 crores from the luxury housing project.”
“We are pleased to add this iconic project to our portfolio and are grateful to the Kapoor family for entrusting us with this opportunity,” said Gaurav Pandey, MD and CEO of Godrej Properties, in a statement, as reported by PTI.
“The demand for premium developments has been strong in recent 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,” he added.
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