The real estate arm of Godrej, the Godrej Properties is all set to launch brand new residential real estate project having 2 lakh sqft of sales potential on the land parcel. Previously it was owned by Bollywood star Raj Kapoor. The bungalow was situated at Chembur area of Mumbai.
The company acquired the land parcel in February, 2023 with Rs. 100 crore. According to the regulatory filing made by the company on the stock exchange, after completion the project will develop 2 lakh sqft with a sales potential of Rs. 500 crore. The company is also eyeing on the real estate market of Hyderabad in addition to its existing projects.
The 4265.50 sq mt property, which is popularly known as RK Cottage, located at Deonar Farm Road, Chembur, Mumbai, adjacent to the Tata Institute of Social Sciences (TISS) and is considered to be one of the most premium residential neighbourhoods of Chembur.
Earlier in May 2019, Godrej Properties Limited had acquired R K Studios in Chembur, Mumbai, from the Kapoor family to develop a premium mixed-use project, Godrej RKS, whose price was between ₹180-200 crore.
According to the report of Zapkey.com, the aggregator of publicly available property registration documents, the deed of conveyance of the bungalow was signed by the late filmmaker’s oldest son, Randhir Kapoor, daughter Reema Jain, grandchildren Nitasha Nanda and Nikhil Nanda, and late Rishi Kapoor’s wife Neetu Rishi Kapoor.
After locking deal, son of Raj Kapoor, actor producer Randhir Kapoor, quoted, “This residential property in Chembur has been of great emotional and historical significance to our family. We are happy to have the Godrejs take this rich legacy forward for the next phase of development.”
Regarding the deal, the MD & CEO of Godrej Properties, Gaurav Pandey said “The demand for premium developments has been strong over the past few years. 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.”
According to the report of Q4 FY2022-23, the company had added 18 new projects with an expected future booking value of over Rs. 32,000crore in cities like Pune, Mumbai Metropolitan Region, Delhi NCR, Nagpur, and Bengaluru.
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