Raj Kapoor’s Chembur bungalow sold for 100 crore, Godrej likely to earn 500 crore from the deal – Times of India
The developer plans to develop a premium residential project. “The land is one acre and we expect revenue of approximately Rs 500 crore from the project,” said Pirojsha Godrej, executive chairman of Godrej Properties.
The site is located at Deonar Farm Road, Chembur, and is adjacent to the Tata Institute of Social Sciences (TISS) and is considered to be an upscale residential neighbourhood of Chembur. The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, who was also a prominent film director and producer.
“This property in Chembur has been of tremendous significance to my family over the many decades that RK Studios operated from there. We are excited to have chosen Godrej Properties to script a new chapter for this location and build upon its rich history,” said Randhir Kapoor, the eldest son of Raj Kapoor.
In May 2019, Godrej Properties acquired the 2.2-acre RK Studios in Chembur from the Kapoors for around Rs 180 crore to develop a premium mixed-use project, Godrej RKS.
When the studio was sold in 2019, Kareena Kapoor told the media: “The legacy of RK has already been taken ahead with girls like Karisma and I. Now we have Ranbir… Hopefully, our kids will also take it ahead.’’
The Indian Film and Television Directors Association (IFTDA) had then appealed to Godrej to build a Raj Kapoor Museum on the site of the studio.
Raj Kapoor built the studio in 1948 and directed and produced several projects under its banner over the next few decades, the last one being Rishi Kapoor‘s Aa Ab Laut Chalen in 1999.
According to news reports, the Kapoor family found the cost of maintaining the studio to be too high. Some years ago, a fire that broke out at the property left a portion of the studio gutted.