Wednesday, Apr 24, 2024 | Last Update : 05:03 PM IST
Godrej Properties purchases RK Studios to build homes
The company is now expected to develop mixed-use project housing luxury flats and retail space.
Mumbai: Realty firm Godrej Properties has acquired the iconic R.K. Studios situated in suburban Chembur. Legendary Bollywood artist Raj Kapoor had established a film studio on this land in 1948 and it was named after him.
The studio was gutted in a devastating fire in September 2017 and has not been functional since then. Though the company has not disclosed the deal value, industry sources estimated it to be worth around Rs 50-60 crore considering its location and size of the land.
The company is now expected to develop mixed-use project housing luxury flats and retail space. Godrej Properties, part of the Godrej Group, said it has added a new project in Chembur, Mumbai.
Company chairman Pirojsha Godrej said the iconic land parcel fits well with their strategy of deepening their presence in key locations across in major cities. “We will seek to ensure we celebrate the remarkable legacy of this site with the goal of delivering an outstanding lifestyle for its residents,” Mr Godrej said.
Commenting on the deal, Randhir Kapoor, the eldest son of Raj Kapoor, said, “The Chembur property has been of tremendous significance to my family over the many decades. We have chosen Godrej Properties to script a new chapter for this location and build on its rich
history.”
It may be recalled that last year, the Kapoor brothers had said the family wanted to sell the studio land. The decision was taken after the blaze. There were also reports that the decision was taken as Raj Kapoor’s youngest son, Rishi Kapoor, found it economically unviable to maintain the property, especially since the fire. He had said even before the fire, the property was haemorrhaging money.
R.K. Films, the film production company of the Kapoors based in the R.K. Studios, has a long list of box office hits and canned its maiden flick Aag in 1948.
Though this movie failed at the box office, the banner found success with the next flick Barsaat in 1949. Most of the RK Films productions share a common theme of criticising the society and depicting love across social divides and some of the successful
