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

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

When contacted, Godrej Properties Executive Chairman Pirojsha Godrej advised PTI: “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 500 crore,” Pirojsha Godrej stated. He didn’t disclose the deal worth citing confidentiality.

The web site is situated at Deonar Farm Road, Chembur, Mumbai, adjoining to Tata Institute of Social Sciences (TISS). In May 2019, Godrej Properties had acquired R Okay Studios in Chembur from the Kapoor household to develop a premium mixed-use mission Godrej RKS. The mission is anticipated to be delivered this yr.

Gaurav Pandey, MD and CEO, Godrej Properties, stated, “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 sturdy over the previous few years, he stated. This mission will permit the corporate to additional strengthen its presence in Chembur, Pandey stated.

Randhir Kapoor stated, “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.”

Godrej Properties, which is a part of the enterprise conglomerate Godrej Group, is likely one of the main actual property builders within the nation. It has a big presence in Mumbai Metropolitan Region (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 tasks.

In an interview with PTI not too long ago, Pirojsha Godrej had stated 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 tasks — 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 towards 4,613 crore within the year-ago interval.

Source web site: www.hindustantimes.com

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