Legendary director and actor Raj Kapoor’s bungalow in Chembur, Mumbai — the scene of many happy gatherings of the Kapoor clan — has been snapped up by Godrej Properties for ₹100 crore.
Located next to the Tata Institute of Social Sciences on Deonar Road and behind the iconic erstwhile RK Studios, the bungalow, standing on over an acre of land, was the hub for the first family of the Mumbai film industry. Raj Kapoor lived there till his death in 1988, while his wife Krishna Raj Kapoor continued to stay in the bungalow till she too passed away in 2018.
Godrej Properties intends to build a premium residential project at the site, it said in a release. According to sources, the project is expected to have a revenue potential of ₹500 crore. The circle rate in that area, according to registration documents, is about ₹87 crore.
“We are pleased to add this iconic project to our portfolio and are grateful to the Kapoor family for entrusting us with this opportunity,” Godrej Properties’ MD & CEO, Gaurav Pandey, said. He added that the project would strengthen the company’s presence in the Chembur market.
Sealing the deal
In 2019, the company had acquired RK Studios from the Kapoor family for about ₹250 crore and the mixed-use project coming up on it will be ready for delivery later this year. The studio, once central to the RK banner, was seeing very few bookings by then and the family was unable to maintain it. A fire that broke out and gutted the studio in 2017 also destroyed any chances of a revival.
Soon after, the house was also put up for sale, which at that time was worth about ₹30 crore. Godrej pipped other developers who were also interested in bagging the property.
The selling members of the Kapoor family included Randhir Kapoor, Reema Jain, Natasha Nanda, Nikhil Nanda and Neetu Kapoor. Randhir Kapoor said, “This residential property in Chembur has been of great emotional and historical significance to our family.”
Founder and CEO of data analytics platform CRE Matrix, Abhishek Gupta said, “I am 100 per cent sure Godrej Properties will do the best justice to this legacy property. I hope they maintain some history of the Kapoor family in the new development.”