Raj Kapoor's lavish Mumbai bungalow acquired by Godrej Properties
What's the story
Noted Indian actor, producer, and director Raj Kapoor's Mumbai bungalow has been bought by Godrej Properties and will subsequently be developed into a luxury housing project.
The bungalow is located in Mumbai's Chembur area, adjacent to the famous Tata Institute of Social Sciences.
Per Godrej, the land was purchased from the Kapoor family who are legal heirs of the iconic director-producer.
Here's more.
Godrej's statement
The high-value property will help 'Godrej's presence in Chembur'
Elaborating on the development, Gaurav Pandey, MD and CEO of 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."
"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," he added.
Kapoor family's statement
Kapoor family, too, was 'delighted' with the association
Kapoor's son and actor Randhir Kapoor said, "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."
In May 2019, the real estate conglomerate had also taken over the iconic RK Studios.