Godrej Properties has bought Mumbai’s iconic R.K. Studios in Chembur, founded by legendary film actor Raj Kapoor. The transaction amount has not been disclosed.
Godrej Properties will develop the property, spread across 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.
“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.
The site is 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.
R.K. Studios was the headquarters of Raj Kapoor’s film production company R.K. Films and was a hub of film shoots, particularly in the 1970s and 1980s. In an interview published on 26 August, Rishi Kapoor, brother to Randhir Kapoor, told Mumbai Mirror that the family has collectively decided to sell R.K. 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.