Godrej Properties acquires RK Studios’ land in Chembur
A year after it was put on sale by the Kapoor family, realty firm Godrej Properties acquired the R K Studios’ land in Mumbai’s Chembur area.
Godrej Properties, part of Godrej group, announced the acquisition on Friday. The studio will pave way for a mixed-use project, housing both luxury flats and retail space.
“Spread across 2.2 acres, this project will offer approximately 33,000 square meters (about 0.35 million square feet) of saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience,” the company said in a statement.
The company, however, did not disclose the sale value.
Godrej Properties Executive Chairman Pirojsha Godrej 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,” he added.
The studio was built by late actor-filmmaker Raj Kapoor in 1948.
Last year, his eldest son Randhir Kapoor, who also runs the studio, announced that the family unanimously decided to sell the property as it was not viable to rebuild the studio after previous year’s fire incident.
“This property in Chembur has been of tremendous significance to my family over the many decades that R K Studios has operated from there,” Randhir was quoted as saying.
“We…have chosen Godrej Properties to script a new chapter for this location and build upon its rich history,” he added.
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, Godrej Properties said.