Real estate developer Godrej Properties Limited has bought film legend Raj Kapoor’s bungalow in Bombay’s Chembur, state news reports. "They are aiming at converting it into a premium residential project,” stated The Financial Express (FE) on February 20, 2023. The deal value has not been disclosed, but the newspaper quoted a Moneycontrol report that the property registration documents accessed by (online property aggregator) Zapkey.com said it is worth Rs 100 crore. The bungalow sits on an area of 4,265.50 sq m.
Top: R. K. Film Studios, Chembur; above: Godrej RKS, proposed residential project
Raj Kapoor’s son Randhir Kapoor told FE: "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.”
"With an estimated worth of Rs 500 crore, the Kapoor family sold the RK Studios land to Godrej Properties in 2018. The project is expected to be delivered in 2023,” noted FE.
The A. H. Wadia Trust has sold a nearly 5.7-acre land parcel in Andheri, Bombay, to a privately-held company, Global Eco Hotels for nearly Rs 71 crores, noted The Economic Times (ET) of February 17, 2023. The news report stated that the trust had started efforts to sell the land parcel in 2009 and had invited bids for the same. In 2010, Global Eco Hotels had emerged as the highest bidder with its offer of Rs 51 crore for the plot but the transaction could not be completed for some reason. "The entire consideration of nearly Rs 71 crores includes the bid amount of Rs 51 crore and an additional compensation of over Rs 19.96 crores,” stated ET.
Global is involved in hotels, camping sites and short-stay accommodation, stated The Times of India of February 18.