New Delhi: Leading real estate developer Godrej Properties on Friday announced that it has acquired Raj Kapoor’s bungalow in Chembur to develop a premium residential project. The site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to the Tata Institute of Social Sciences (TISS) and is considered one of the most premium residential neighborhoods of Chembur, the developer said, adding that the land was purchased from Kapoor Thi family, legal heirs of Raj Kapoor – Indian actor, film director and producer.
In May 2019, Godrej Properties acquired RK Studios in Chembur, Mumbai, from the Kapoor family to develop Godrej RKS, a premium mixed-use project. The project is expected to be completed in 2023. Gaurav Pandey, Managing Director and CEO, Godrej Properties said, “We are delighted to add this prestigious project to our portfolio and are grateful to the Kapoor family for entrusting us with this opportunity. Demand for premium developments has been strong over the last few years .
He added that the project would allow the company to further strengthen its presence in Chembur. “We will aim to create an outstanding residential community that creates long-term value for its residents and celebrates the heritage of the site,” Pandey said. Actor Randhir Kapoor said, “This residential property in Chembur holds immense emotional and historical significance for our family. We are delighted to associate once again with Godrej Properties to take forward this rich legacy for the next phase of development of this location.
“According to the real estate firm, Chembur is an established residential location with good infrastructure in close proximity with health care centres, educational institutions, entertainment and recreational hubs as well as commercial and retail outlets. Godrej Properties also Said site is in close proximity to the Eastern Express Highway and Eastern Freeway, Bandra Kurla Complex, providing good connectivity to central and western suburbs of Mumbai, South Mumbai, Thane and Navi Mumbai via the Sion-Panvel Highway.