Godrej Properties Ltd (GPL) on Friday said it has bought Mumbai's iconic RK Studios in Chembur for an undisclosed amount. The famous RK studios was founded by legendary film actor Raj Kapoor and was jointly owned by his predecessors.
After a massive fire in 2017, it was decided by the Kapoors that it was no longer economically viable to rebuild the studios as the fire had caused severe damage to the property.
A lot of films were shot at RK studios in 1970's and 1980's under the banner of RK Films.
According to media reports, GPL will develop the property and spread across 2.2 acres, into a mixed-used development project.
The project will approximately offer 33,000 square meters (approximately 0.35 million square feet) of salable area comprising modern residential apartments of various configurations as well as a luxury retail experience.In a statement GPL said, the site is strategically located on the main Sion-Panvel Road and offers an extremely well developed social and civic infrastructure with multiple schools, hospitals, retail malls, residential, and commercial spaces in close proximity.
Mr Pirojsha Godrej, Executive Chairman of GPL, shared his views on the latest development.
"We are happy to add this iconic site in Chembur to our development portfolio. This fits well with our strategy of deepening our presence in key locations across India's leading cities. We will try to ensure that we celebrate the remarkable legacy of this iconic site with the goal of delivering an outstanding lifestyle for its residents."
While veteran actor and son of the founder of RK Studios Randhir Kapoor said, "This property in Chembur has been of tremendous significance to my family over many decades. We are excited to have chosen Godrej Properties to script a new chapter for this location and build upon its rich history."