The iconic bungalow of Raj Kapoor in Chembur, Mumbai, which was recently acquired by Godrej Properties, will soon be converted into a luxury housing project.
The real estate arm of Godrej Group will soon launch a premium residential complex with a sales potential of 2 lakh square feet on the land parcel, spread over an area of 1-acre, purchased from Raj Kapoor’s legal heirs in February. According to a company’s recent filing to the stock exchanges, the project built on Raj Kapoor’s bungalow is estimated to have a total sales booking value of Rs 500 crore, Moneycontrol reported.
On February 17, 2023, GPL declared that it had purchased Raj Kapoor’s Bungalow in Mumbai’s Chembur area in order to build a high-end residential complex. As per Moneycontrol, the company had stated that the land was acquired from the Kapoor family, who are the lawful descendants of the legendary actor, filmmaker and producer.
In close proximity to the Tata Institute of Social Sciences (TISS), the site is situated on Deonar Farm Road in Chembur, Mumbai, and is regarded as one of the posh residential neighbourhoods in the area. Similarly, to develop the Godrej RKS premium mixed-use project, GPL purchased R K 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 subsequent months followed by large projects in the second half of the year, the company announced that one of the upcoming launches is of the Raj Kapoor Bungalow in Chembur.
“Some of the big ones that we are looking forward to -the first one is 49 Gurgaon. This is in the advanced stages of approval. And our idea internally is to try and do a sort of a Q3 launch. Then we have the Raj Kapoor bungalow acquisition that we had done in Chembur. That would 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 intends to enter the Hyderabad real estate market, as stated by Pirojsha Godrej, the Executive Chairperson of GPL, on November 2, 2023, during the release of second quarter results 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 concentrate on the top six markets – Mumbai, Bangalore, Delhi-NCR, Pune, Ahmedabad, and Kolkata.
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