Godrej Properties Ltd. bought Raj Kapoor's bungalow in Chembur, Mumbai, for Rs 100 crore to build a luxury housing project with a Rs 500 crore sales potential.
According to the company's regulatory filing, the land was purchased from Raj Kapoor's legal heirs, the Kapoor family. The land is approximately one acre in size overall.
The project's potential for sales revenue is estimated to be around Rs 500 crore. One acre of land in Chembur will sell for Rs 100-110 crore on the market.
Godrej Properties bought R K Studios in Chembur from the Kapoor family in May 2019 to build a high-end mixed-use project called Godrej RKS.
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