Godrej Properties LTD purchased the famous RK Studios at an Unknown Price.

By Abhay Harish Shah , Realty Quarter

The famous RK studios which was founded by legendary film actor Raj Kapoor and was jointly owned by his ancestors is now been bought by Godrej Properties LTD (GPL). RK studios were established in the year 1948 and on Friday Godrej Properties said that they have bought the Mumbai’s most iconic RK Studios in Chembur but the amount hasn’t been disclosed. Kapoor Family decided to sell off the RK Studios after a huge fire accident happened in 2017. As the Studios was highly damaged and would take a lot of money to rebuild, they decided to sell the property itself. RK Studios is one of the most known studios in Mumbai where a lot of films were shot mainly in the 1970s and 1980s with a banner of RK Films.

The total area of RK studios is 2.2 acre and is estimated to be sold close to Rs 200 crore, but there are no inputs given by Godrej Properties for the actual cost they paid. Godrej Properties has decided to divide the area and will develop mixed properties which will have luxury flats and retail space.

This project will offer around 33,000 sq.mt of a saleable area which will have modern residential apartments with various amenities as well as luxury retail experience.

The property is available in Sion-Panvel highway which connects the southern tip of the city with numerous townships of Navi Mumbai.

Mr Randhir Kapoor (Eldest son of Raj Kapoor) says “This property in Chembur has been of tremendous significance to my family over the many decades that RK 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.”

Mr Pirojsha Godrej (Executive Chairman of Godrej Properties) said “The company has added this iconic site in Chembur to its development portfolio. This fits well with our strategy of deepening our presence in key locations across India’s leading 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”

Rishi Kapoor had said that the choice to sell came after a ton of heartburn. His declaration caused turmoil with individual entertainers and government officials criticizing the choice.

One even recommended that the administration take it over and construct a national film museum to pay tribute to Raj Kapoor.

However, the family appears to have had the final word. And following a long chase and months at the negotiating table, Godrej Properties got the deal.