Godrej Properties, the real estate arm of the Godrej Group, has set its sights on creating a lavish residential haven by converting the iconic Chembur bungalow of Raj Kapoor in Mumbai. The recently acquired property is poised to be transformed into a high-end luxury housing project, with plans unveiled for a premium residential complex.
The sprawling 1-acre land parcel, acquired from Raj Kapoor’s legal heirs in February, is set to host a residential complex spanning 2 lakh square feet. According to recent filings with stock exchanges, the project’s estimated sales booking value is an impressive Rs 500 crore, as reported by Moneycontrol.
The announcement of the acquisition was made on February 17, 2023, signaling Godrej Properties’ intention to craft a prestigious residential development in Mumbai’s Chembur area. The land was acquired from the Kapoor family, the legal descendants of the legendary actor, filmmaker, and producer Raj Kapoor, according to Moneycontrol.
Situated in close proximity to the Tata Institute of Social Sciences (TISS) on Deonar Farm Road, Chembur, the location is renowned for its posh residential neighborhoods. This venture follows Godrej Properties’ earlier acquisition of R K Studios in Chembur in May 2019 for the development of the Godrej RKS premium mixed-use project.
During a Q2FY24 earnings conference call, Gaurav Pandey, Managing Director (MD) and CEO of GPL, shared insights into upcoming launches, including the highly anticipated Raj Kapoor Bungalow project in Chembur. The company aims for a Q3 launch, following the advanced stages of approval for the 49 Gurgaon project.
Additionally, Pirojsha Godrej, the Executive Chairperson of GPL, announced the company’s foray into the Hyderabad real estate market during the release of Q2FY24 results on November 2, 2023.
With diverse approaches for plotted development and group housing, Godrej Properties is strategically focusing on the top six markets: Mumbai, Bangalore, Delhi-NCR, Pune, Ahmedabad, and Kolkata.
