Raj Kapoor, who is regarded as one of Indian cinema's best showmen, used to live there until his passing in 1988.
Godrej Properties, a renowned real estate developer, revealed on Friday that it has purchased Raj Kapoor's Chembur bungalow for Rs 100 crores in order to build a luxury housing project with a sales potential of ₹500 crores.
Raj Kapoor used to reside on this property till his death in 1988. His late wife, Krishna Raj Kapoor, remained there till her passing in 2018.
The site is situated in one of Chembur's most prestigious residential neighbourhoods, Deonar Farm Road, next to the Tata Institute of Social Sciences (TISS), according to the developer, who also stated that the land was acquired from the Kapoor family, the legitimate heirs of Indian actor, director, and producer Raj Kapoor.
Godrej Properties purchased RK Studios in Chembur, Mumbai, from the Kapoor family in May 2019 with the intention of developing a high-end mixed-use property there called Godrej RKS. The project is expected to be delivered in 2023.
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Gaurav Pandey, Managing Director and Chief Executive Officer, of Godrej Properties, said, "We are pleased to add this iconic project to our portfolio and are grateful to the Kapoor family for entrusting us with this opportunity. The demand for premium developments has been strong over the past few years.
He said this project would allow the company to strengthen its presence in Chembur further. "We will aim to build an outstanding residential community that creates long-term value for its residents and celebrates the legacy of the site," Pandey said.
Randhir Kapoor, actor, said, "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."
The real estate company claims that Chembur is a well-established residential area with good infrastructure, including nearby healthcare facilities, educational facilities, amusement and recreation centres, and business and retail establishments.
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Also, according to Godrej Properties, the location is close to the Eastern Express Highway and Eastern Freeway, which offer excellent connection to the Bandra Kurla Complex, Mumbai's Central and Western Suburbs, South Mumbai, Thane, and Navi Mumbai through the Sion-Panvel Expressway.
In 1948, Raj Kapoor established the RK Studios on 2.2 acres in Chembur. After purchasing it, Godrej RKS announced plans to build 33,000 square metres of contemporary residential units with a range of layouts and a luxury retail experience.
(with inputs from ANI)
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 "Godrej acquires this legendary actor's bungalow for Rs 100 crore")
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