Godrej Properties Ltd, the fast-growing real estate arm of the Godrej Group, has purchased the late showman Raj Kapoor's iconic bungalow on Deonar Farm Road, Chembur, at a reported price of ₹100 cr.
The bungalow occupies 4,451.56 sq mtrs and will make way for an uber luxury residential project. In May 2019, Godrej had purchased RK studio, also in Chembur, for ₹200 cr.
Chembur, which was once known as a gas chamber because of air pollution caused by the RCF factory closeby, has today become an upmarket place because of strong anti-pollution measures taken by RCF, excellent connectivity to SoBo because of the freeway, the Santa Cruz-Chembur link road which gives easy access to BKC and the airport, and the upcoming greenfield international airport at Panvel. The mono rail line, which connects this leafy suburb with Jacob Circle, and the upcoming metro railway are major value additions. Several big players like Kukreja, Runwal, Hiranandani, Wadhwa and Ekta already have several large residential projects in this suburb.
Randhir Kapoor's statement
Randhir Kapoor, actor and son of Raj Kapoor, said that the bungalow had 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 sale agreement with Godrej was signed by members of the Kapoor clan, including Randhir Kapoor, Reema Jain, Natasha Nanda, Nikhil Nanda and Neetu Kapoor. The legendary actor's bungalow and studio were the venue of several grand parties which were attended by the who's who.
Third big property purchased by Godrej
This is the third mega real estate project of the Godrej's in Chembur. Apart from RK studio and the the star's bungalow, the real estate major had also redeveloped Shell Colony. Its a different matter that this colony is an urban disaster with thousands of residents in an area which had only a few hundred occupants. The infrastructure in terms of roads etc are the same resulting in huge congestion and lack of adequate ventilation. Said Krishna Kumar, a business executive: ``I purchased a flat in Godrej Shell Colony, but soon exited because the whole place was claustrophobic."
Godrej Properties did not spell out the details of its proposed project on Raj Kapoor's bungalow. Gaurav Pandey, Managing Director & Chief Executive Officer, 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. This project will allow us to further strengthen our presence in Chembur. We will aim to build an outstanding residential community that creates long term value for its residents and celebrates the legacy of the site.
In May, 2019 it outright purchased RK studio, which was where several blockbusters of RK films were shot. Now a massive gated community spread over 147 units is coming up there. Three towers are currently under construction and possession is expected to be given by December, 2024. The 3 BHK and 4 BHK flats are being sold in the range of ₹5.50 cr to 11.50 cr.
Earlier, the Wadhwas' had purchased Duke's bottling plant in Chembur from the Pundoles and are developing a mega residential project.
