Godrej Properties Ltd. paid about Rs 100 crore for the rights to create a luxury housing project with a Rs 500 crore sales potential on the former film actor, director, and producer Raj Kapoor’s Mumbai bungalow in the Chembur neighborhood.
The house has been owned by Kapoor’s family since he first paid Rs 50 lakhs for it in 1963. Over the years, it has undergone numerous restorations and additions, with the majority of those taking place in the 1980s.
The exterior facade and interiors of the house will both be renovated by Godrej Properties over the course of four years for a total of Rs 75 crore. The company intends to update some of Kapoor’s original design components with contemporary features like air conditioning while leaving others mostly untouched.
According to the company’s regulatory filing, the land was acquired from Raj Kapoor’s legal heirs, the Kapoor family.
When approached by PTI, Pirojsha Godrej, Executive Chairman of Godrej Properties, stated: “The land is around 1 acre in size overall.” “On this piece of land, we’ll build a luxury housing development.”
According to Pirojsha Godrej, the project might generate roughly Rs 500 crore in sales revenue.
He cited confidentiality as his reason for withholding the deal’s worth. According to sources, the deal is worth roughly Rs 100 crore.
When approached, Anarock Chairman Anuj Puri provided the following statement to PTI: “Chembur’s market price for an acre of land is between Rs 100 and Rs 110 crore.” A bustling residential area, Chembur has convenient access to the BKC (Bandra Kurla Complex).”
According to Puri, a lot of developers have started high-end projects in Chembur, and there is a high demand for such luxurious residences around Mumbai.
The location is situated next to the Tata Institute of Social Sciences on Deonar Farm Road in Chembur, Mumbai, according to a filing by Godrej Properties (TISS).
Godrej Properties purchased R K Studios in Chembur from the Kapoor family in May 2019 with plans to create a high-end mixed-use property there called Godrej RKS. This year should see the completion of the project.
“We are happy to add this landmark property 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.
He added that this project will enable the company to further establish its foothold in Chembur because there has been a high demand for high-end developments over the past several years.
Actor Randhir Kapoor, the son of the late Raj Kapoor, commented on the acquisition, saying, “For our family, this residence in Chembur has significant emotional and historical value.” We are pleased to work together with Godrej Properties once more to carry on this rich legacy for this location’s upcoming development stage.”
One of the top real estate developers in the nation is Godrej Properties, a division of the commercial behemoth Godrej Group.
In the Mumbai Metropolitan Area (MMR), Delhi-NCR, Pune, and Bangalore, it is very prevalent.
Godrej Properties, which acquired Raj Kapoor Bungalow, has bought more than 15 land parcels so far this fiscal year, with a potential sales value of almost Rs 28,000 crore. The company plans to buy more land by March to build new projects as it attempts to grow its business amid robust housing demand.
Pirojsha Godrej recently stated in an interview with PTI that the company’s new business development, which includes acquiring land parcels through outright purchases and joint ventures with landowners to build new projects, will surpass at least Rs 30,000 crore in the 2022–23 financial year, more than double the annual guidance of Rs 15,000 crore.
In terms of operations, the company’s sales bookings increased 77% year over year from the April through December 2022–23 fiscal period of Rs 4,613 crore to Rs 8,181 crore. If you want to buy property in Maharashtra, please contact Majheghar.com.
