Godrej Properties, the Godrej group’s real estate company, has acquired the iconic RK Studios property located in suburban Chembur, established by Bollywood legend Raj Kapoor in 1948. This will permanently draw the curtains on the once-historic studio with the new project on the 2.2-acre site offering approximately 33,000 sq metres of saleable area comprising residential apartments of various configurations as well as luxury retail space.
On September 16,2017, a massive fire broke out on the sets of dance reality show Super Dancer at the studio, destroying the ground floor of the construction. After the massive fire, the Kapoor family had been finding it hard to sustain the ever-increasing cost of maintaining the iconic studio. The value of the property at market price is estimated at around ₹200 crore. However, the actual cost of the deal wasn’t disclosed.
Leading realty players though point out that the current commercial property rates in and around Chembur are in the range of Rs 24,000-Rs 28,000 per sqft depending on the locality. The plot is located on the Sion-Panvel highway, an arterial road that connects the southern tip of the city with many townships of Navi Mumbai.
“This property in Chembur has been of tremendous significance to my family over the many decades that RK Studios operated from there. We are excited to have chosen Godrej Properties to script a new chapter for this location and build upon its rich history,” said Randhir Kapoor, the eldest son of Raj Kapoor.
“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. We will seek to ensure we celebrate the remarkable legacy of this site with the goal of delivering an outstanding lifestyle for its residents,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.
According to sources, work on the designs for the mega-project will start shortly and after obtaining the necessary approvals, the construction of the housing-cum-shopping complex could begin by early 2020.
RK Studio was the venue for several movies including Aag, Barsaat, Awaara, Shri 420, Jis Desh Mein Ganga Behti Hai, Mera Naam Joker, Bobby, Satyam Shivam Sundaram and Ram Teri Ganga Maili.