Last Updated: November 27, 2023, 13:03 IST
Raj Kapoor’s Bungalow to be converted into a Rs 500 Crore Luxury Housing Project
The iconic bungalow of Raj Kapoor in Chembur, Mumbai, which was lately acquired by Godrej Properties, will quickly be converted into a luxurious housing venture.
The iconic bungalow of Raj Kapoor in Chembur, Mumbai, which was lately acquired by Godrej Properties, will quickly be converted into a luxurious housing venture.
The actual property arm of Godrej Group will quickly launch a premium residential complicated with a gross sales potential of two lakh sq. ft on the land parcel, unfold over an space of 1-acre, bought from Raj Kapoor’s authorized heirs in February. According to a firm’s current submitting to the inventory exchanges, the venture constructed on Raj Kapoor’s bungalow is estimated to have a complete gross sales reserving worth of Rs 500 crore, Moneycontrol reported.
On February 17, 2023, GPL declared that it had bought Raj Kapoor’s Bungalow in Mumbai’s Chembur space so as to construct a excessive-finish residential complicated. As per Moneycontrol, the corporate had acknowledged that the land was acquired from the Kapoor household, who’re the lawful descendants of the legendary actor, filmmaker and producer.
In shut proximity to the Tata Institute of Social Sciences (TISS), the positioning is located on Deonar Farm Road in Chembur, Mumbai, and is thought to be one of many posh residential neighbourhoods within the space. Similarly, to develop the Godrej RKS premium combined-use venture, GPL bought R Okay Studios in Chembur, Mumbai, from the Kapoor household in May 2019.
Additionally, in the course of the Q2FY24 earnings convention name, in response to a query about launches in subsequent months adopted by massive initiatives within the second half of the 12 months, the corporate introduced that one of many upcoming launches is of the Raj Kapoor Bungalow in Chembur.
“Some of the big ones that we are looking forward to -the first one is 49 Gurgaon. This is in the advanced stages of approval. And our idea internally is to try and do a sort of a Q3 launch. Then we have the Raj Kapoor bungalow acquisition that we had done in Chembur. That would be another upcoming launch,” Gaurav Pandey Managing Director (MD) and CEO of GPL mentioned in the course of the convention name, as reported by Moneycontrol.
Furthermore, the corporate additionally intends to enter the Hyderabad actual property market, as acknowledged by Pirojsha Godrej, the Executive Chairperson of GPL, on November 2, 2023, in the course of the launch of second quarter outcomes of the present monetary 12 months (Q2FY24).
The firm additionally claims to have totally different approaches for plotted growth and group housing. The main actual property agency intends to think about the highest six markets – Mumbai, Bangalore, Delhi-NCR, Pune, Ahmedabad, and Kolkata.
