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RMZ Corp, one of the country's largest office developers, along with Avinash Bhosale Infrastructure and DB Realty, is expected to launch a 7 million square foot project valued at nearly $ 3 billion , people aware of the case said.
This follows the purchase of the remaining Amrohi family stake by Bhosale and DB Realty and the resolution of all the disputes that led to the 25-hectare property for years. The studio will be renamed Nexus.
RMZ will have an economic interest of 55%, while owners of studios Bhosale and DB will retain the remaining 45%. Work on the project, which has received government planning penalties, is expected to begin by the end of the year. It will receive about 1.25 lakh jobs or jobs once completed in the next 5 to 7 years.
Bhosale, Shahid Balwa, of DB, and Manoj Menda, of RMZ, were not available for comment. Industry players have welcomed the evolution. "Maximum city is currently an underserved office market and, given its size and scale, is an automatic choice for the country's leading office developers: they must build quality real estate and spread risk, "I said.
Kamal Amrohi, famous for his hit movies, such as "Pakeezah", "Razia Sultan" and "Mahal" – created the studio in 1958.
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