R.K. The studios lands in Mumbai acquired by Godrej Properties, to be converted into real estate

The iconic R.K. Studios, an indelible part of the Bollywood tradition and headquarters of the film production company Raj Kapoor, R.K. Films since 1948 will give way to luxury apartments.

Godrej Properties, the real estate development company of the Godrej Group, announced Friday the acquisition of 2.2 acre land located in Chembur and housing the studio. The company announced that it would develop a mixed-use project, offering luxury apartments and retail spaces.

"This project will provide approximately 33,000 square meters. or about 0.35 million square feet of sales area including modern apartments and a luxury retail experience, "said Godrej Properties in a regulatory filing with the stock exchanges. "The site is strategically located on Sion-Panvel Road and offers an extremely well developed social and civic infrastructure including many schools, hospitals, shopping centers, residential and commercial spaces in the immediate vicinity," he added.

Pirojsha Godrej, executive chairman of the company, said: "This fits well with our strategy to strengthen our presence in key locations in major cities from the country. We will strive to celebrate the remarkable legacy of this site with the goal of providing an exceptional lifestyle to its residents. "

On the value of the land, Prashant Thakur, director of research at ANAROCK Property Consultants, said:" The property value of RK In terms of market, the studios would be in the region of 185 crores of rupees and 210 crores of rupees.If we need to indicate a unique number, we can say ¥ 210 crore.This ignores the possible premium on an iconic structure related to the Indian film industry in Mumbai, the seat of Bollywood. broke out on the plateaux of Super Dancer Season Two on September 16, 2017. The fire, mastered after four hours of fighting the fire, damaged electrical installations, shooting equipment , clothing and costume jewelry, furniture, decorative material and air conditioning duct. "The actor Rishi Kapoor tweeted that the fire had caused" the loss of irreplaceable memories and costumes of all RK films. "

Randhir Kapoor, the eldest son who took over the studio when Raj Kapoor died in 1988, said, "This property of Chembur has been of great importance to my family for many decades during which RK The studios operated from there. We are delighted to have chosen Godrej Properties to write a new chapter for this site and build on its rich heritage.

Last year, the Kapoor brothers declared that the family wanted to sell the studio after finding it economically unsustainable. maintain the property after the fire.