The brass statue of Raj Kapoor and Shammi Kapoor sitting on a bench was installed at the Bandra Bandstand promenade.
The actress said she was "short of words" at the honour. "What more could I ask for? My father and my grandfather have made me who I am. Which girl has got this opportunity, guys?"
She added, "My grandfather and father inspired me to be here. We Kapoors have acting in our veins and blood. I am looking forward to walking down memory lane. What better gift than this to the 100 years of Indian cinema?"
She reminisced a little about her grandfather. "My grandfather Raj Kapoor was biased towards Karisma because both of them had blue eyes. I have green eyes like my father.
"I remember he (Raj Kapoor) used to give two mangoes to Karisma and only one to me. I had to work hard to please him," she smiled.
a photographer clicked Kareena sitting on the lap of her grandfather's statue, she quipped, "This is the only lap that Saif would allow me to sit on."
Heroine director Madhur Bhandarkar joined Kareena in unveiling the signatures of her great grandfather Prithviraj Kapoor, granduncle Shammi Kapoor, grandfather Raj Kapoor and Nargis.
Madhur said, "The way Hollywood has its Walk of Fame, the Hindi film industry now has its Walk of Stars."
About his film Heroine, he said, "We are doing an item song titled Halkat Jawani, which is a wonderful song and will be picturised on Kareena. I am sure people will like the song."
The director says 40 percent of the shooting has been done and the film will be released in September.
He denied speculation that the film is based on Manisha Koirala's life. "This film is not based on Manisha Koirala. It is absolutely wrong. I have created a character called Mahi Arora who is today's girl. The film is all about how she witnesses the ups and downs in her life," he said.
Photograph: Reuben NV