Godrej Properties acquires Mumbai's iconic RK Studios
03 May 2019
Godrej Properties Ltd (GPL) on Friday said it has acquired Mumbai's iconic RK Studios, founded by legendary film actor Raj Kapoor, in Chembur, an up market area on the strategic Sion-Panvel Highway.
While Godrej properties did not disclose the deal value, the Mint newspaper had, in October last year, reported that the company was in talks with the Kapoor family to buy the property for nearly Rs200 crore.
The company plans to develop the property, covering a land area of nearly one hectare (2.2 acres), into a project spanning 0.35 million sq ft of saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience, Godrej Properties said in a filing with the Bombay Stock exchange (BSE).
RK Studios was the headquarters of Raj Kapoor’s film production company RK Films and was a hub of film shoots, particularly in the 1970s and 1980s.
“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," said Pirojsha Godrej, executive chairman, Godrej Properties, in the filing.
The company said the site was strategically located on the main Sion-Panvel Road in Mumbai and offers a well developed social and civic infrastructure with multiple schools, hospitals, retail malls, residential, and commercial spaces in close proximity.
"We will seek to ensure we celebrate the remarkable legacy of this site with the goal of delivering an outstanding lifestyle for its residents," Godrej said.
Godrej Properties generally ties up with land owners to develop real estate projects, but sometimes it also opts for outright purchase of strategic land parcel, it added.
Randhir Kapoor, son of late Raj Kapoor, said the property has been of "tremendous significance" to the 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," Kapoor said.
In an interview published on 26 August, Rishi Kapoor, younger brother of Randhir Kapoor, told Mumbai Mirror that the family has collectively decided to sell RK Studios as it was no longer economically viable to rebuild after severe damage from a fire a year ago. Kapoor also said the family had considered renovating the property with a state-of-the-art technology.