The Godrej Properties Ltd has acquired the iconic bungalow of the great showman, Raj Kapoor in Chembur – almost four years after it had bought the famed RK Studios, the company officials said here on Friday.

The Raj Kapoor bungalow would be developed as a premium residential project – on the lines of the high-end mixed-use Godrej RKS, which is likely to be delivered this year.

The RK Studios was taken over by Godrej Properties in May 2019, and the Raj Kapoor bungalow is located on the Deonar Farm Road, adjacent to the Tata Institute of Social Sciences (TISS), in Chembur, a north-eastern Mumbai suburb.

“We are grateful to the Kapoor family for entrusting us with this opportunity and pleased to add this iconic project to our portfolio. This project will allow us to further strengthen our presence in Chembur,” said Godrej Properties Ltd. Managing Director & CEO Gaurav Pandey on the latest acquisition.

The company has purchased the landmark properties from the Kapoor clan and legal heirs of Raj Kapoor – the legendary actor, producer, director who died in June 1988, aged 64, in New Delhi.

“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 of this location,” said Bollywood veteran actor Randhir Kapoor.

Randhir Kapoor is the eldest and sole surviving son of Raj Kapoor – with two younger brothers Rishi Kapoor and Rajiv Kapoor passing away in 2020 and 2021 respectively.

Pandey added that the demand for premium developments has been strong for the past few years and the company would aim to build an outstanding residential community that creates long-term value for its residents and celebrate the legacy of the site.

Raj Kapoor had founded the RK Studios on 2.2 acres in Chembur in 1948 and after buying it over, the Godrej RKS said it would develop 33,000 sq. metres of modern residential apartments of various configurations and a luxury retail experience.

Chembur, once reputed as a ‘gas chamber’, is now a swank residential location with well-developed infrastructure and connectivity to all parts of Mumbai besides the MMRDA region.