The Kapoor family, who are the legal heirs of Raj Kapoor, sold the land to Godrej Properties. The exact value of the deal has not been disclosed. The property is located at Deonar Farm Road in Chembur, Mumbai, adjacent to the Tata Institute of Social Sciences. Godrej Properties had also acquired R K Studios in Chembur from the Kapoor family in May 2019 to develop a premium mixed-use project, which is expected to be delivered in 2023.
Gaurav Pandey, Managing Director and CEO of Godrej Properties, expressed his gratitude to the Kapoor family for entrusting this iconic project to them. He further added that the demand for premium properties has been strong in recent years, and this project would allow the company to strengthen its presence in Chembur.
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Randhir Kapoor, on behalf of the Kapoor family, said that the property in Chembur has great emotional and historical significance to their family. The Kapoor family is excited to see Godrej Properties develop the land into a luxury housing project.
Godrej Properties is one of the leading real estate developers in India, with a significant presence in Mumbai, Delhi-NCR, Pune, and Bengaluru. The company has acquired over 15 land parcels this fiscal year, with sales potential of around INR 28,000 crore. Godrej Properties plans to add more land by March to construct new projects.
Also Read: CR To Operate Special Block For De-Launching FOB At Badlapur & Girder Launch At Neral FOBThe acquisition of Raj Kapoor's bungalow in Chembur further strengthens Godrej Properties' presence in the premium real estate market. The company's track record of developing high-quality and iconic projects has established its reputation as a leader in the industry.
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