Mumbai: The late Bollywood legend Raj Kapoor’s one-acre bungalow property in the eastern suburb of Chembur has been sold to Godrej Properties for a reported Rs. 100 crores.

The developer plans to develop a premium residential project. “The land is one acre and we expect revenue of approximately Rs 500 crores 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, and is considered to be an upscale residential neighbourhood. The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, who was also a prominent film director and producer. More than 20 films were made under the R K Films banner.

“This property in Chembur has been of tremendous significance to my family over the many decades that R K 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.

Gaurav Pandey, MD & CEO, Godrej Properties, said, “We are pleased to add this iconic project to our portfolio and are grateful to the Kapoor family for entrusting us with this opportunity. The demand for premium developments has been strong over the past few years. This project will allow us to further strengthen our presence in Chembur. We will aim to build an outstanding residential community that creates long-term value for its residents and celebrates the legacy of the site.”

In May 2019, Godrej Properties acquired the 2.2-acre R K 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 R K has already been taken ahead with girls like Karisma and I. Now we have Ranbir...Hopefully, our kids will also take it ahead.”

Indian Film and Television Directors Association had appealed to Godrej to build a Raj Kapoor Museum on the site. Raj Kapoor built the studio in 1948 and directed and produced several projects under its banner over the next decades, the last 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.