Godrej Properties Ltd. announced on Friday that it has purchased the iconic actor, director, and producer Raj Kapoor's bungalow in Mumbai's Chembur neighbourhood in order to build a high-end housing project. According to the company's regulatory filing, the land was acquired from Raj Kapoor's legal heirs, the Kapoor family. The price of the transaction is not known. The property is near the Tata Institute of Social Sciences on Deonar Farm Road in Chembur, Mumbai (TISS). Godrej Properties purchased R K Studios in Chembur from the Kapoor family in May 2019 with plans to create a high-end mixed-use property there called Godrej RKS. This year should see the completion of the project.

"We are happy to add this landmark property to our portfolio and are grateful to the Kapoor family for entrusting us with this opportunity," said Gaurav Pandey, MD and CEO of Godrej Properties. During the past five years, he continued, there has been a high demand for upscale constructions. We will be able to further bolster our footprint in Chembur thanks to this project, according to Pandey.

Randhir Kapoor proclaimed: "For our family, this residence in Chembur has significant emotional and historical value. We are pleased to collaborate with Godrej Properties once more to carry forward this rich legacy for this location's upcoming growth stage "One of the top real estate developers in the nation is Godrej Properties, a division of the business behemoth Godrej Group.

It has a significant presence in Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune and Bengaluru.