Legendary film actor and producer Raj Kapoor's 1-acre bungalow in Chembur, Mumbai, was sold to Godrej Properties Ltd for the development of a luxury housing project with a sales potential of Rs 500 crore, as per a report by PTI.
According to the company's regulatory filing, the land was acquired from the legal heirs of Kapoor.
In continuation to the report, Godrej Properties Executive Chairman Pirojsha Godrej told PTI in a statement, "The total size of the land is around 1 acre. We will develop a premium housing project on this land parcel. The project will have an estimated sales revenue potential of about Rs 500 crore." Citing confidentiality, he did not disclose the deal value.
Talking about the property, actor Randhir Kapoor told PTI, "This residential property in Chembur has been of great emotional and historical significance to our family. We are happy to once again associate with Godrej Properties to take forward this rich legacy for the next phase of development for this location."
As per PTI, the property is located near the Tata Institute of Social Sciences (TISS) on Deonar Farm Road in Chembur, Mumbai. Godrej Properties purchased RK Studios in Chembur from the Kapoor family in May 2019 with plans to create a high-end mixed-use project called Godrej RKS.
The project is scheduled for completion this year.
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