Raj Kapoor’s 1-acre bungalow in Chembur bought to Godrej Properties, to be developed into ₹500 cr housing undertaking

Godrej Properties Ltd has acquired legendary movie actor, director and producer Raj Kapoor’s Bungalow at Chembur in Mumbai to develop a luxurious housing undertaking with a gross sales potential of 500 crore. The land was bought from the Kapoor household, authorized heirs of Raj Kapoor, the corporate mentioned in a regulatory submitting. Additionally learn: Kareena Kapoor shares dad Randhir Kapoor’s cutest pic with son Jeh as they pout just like her. See here

When contacted, Godrej Properties Government Chairman Pirojsha Godrej informed PTI: “The overall dimension of the land is round 1 acre. We are going to develop a premium housing undertaking on this land parcel.”

“The undertaking can have an estimated gross sales income potential of about 500 crore,” Pirojsha Godrej mentioned. He didn’t disclose the deal worth citing confidentiality.

The positioning is situated at Deonar Farm Street, Chembur, Mumbai, adjoining to Tata Institute of Social Sciences (TISS). In Might 2019, Godrej Properties had acquired R Ok Studios in Chembur from the Kapoor household to develop a premium mixed-use undertaking Godrej RKS. The undertaking is predicted to be delivered this yr.

Gaurav Pandey, MD and CEO, Godrej Properties, mentioned, “We’re happy so as to add this iconic undertaking to our portfolio and are grateful to the Kapoor household for entrusting us with this chance.”

The demand for premium developments has been sturdy over the previous few years, he mentioned. This undertaking will enable the corporate to additional strengthen its presence in Chembur, Pandey mentioned.

Randhir Kapoor mentioned, “This residential property in Chembur has been of nice emotional and historic significance to our household. We’re joyful to as soon as once more affiliate with Godrej Properties to take ahead this wealthy legacy for the following part of growth for this location.”

Godrej Properties, which is a part of the enterprise conglomerate Godrej Group, is among the main actual property builders within the nation. It has a big presence in Mumbai Metropolitan Area (MMR), Delhi-NCR, Pune and Bengaluru. To broaden enterprise amid sturdy housing demand, Godrej Properties has acquired greater than 15 land parcels thus far this fiscal with gross sales potential of round 28,000 crore and appears so as to add extra land by March to assemble new initiatives.

In an interview with PTI just lately, Pirojsha Godrej had mentioned that the corporate’s new enterprise growth — which implies acquisition of land parcels by way of outright purchases and joint ventures with landowners to construct new initiatives — will cross no less than 30,000 crore within the 2022-23financial yr, double than the annual steerage of 15,000 crore.

On the operational entrance, the corporate’s gross sales bookings rose 77 per cent year-on-year to 8,181 crore within the April-December interval of 2022-23 fiscal, as in opposition to 4,613 crore within the year-ago interval.

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