Godrej Properties buys RK Studios for an undisclosed sum

Godrej Properties on Friday said it has bought the iconic R K Studios in Chembur area of Mumbai for an undisclosed sum. It is the same studio where late Raj Kapoor's films were shot.

Spread across 2.2 acres, the developer can build approximately 33,000 square meters (approximately 0.35 million square feet) of saleable area.

The Mumbai-based real estate developer plans to build a mixed-use project with modern residences and luxury retail. The plot is located strategically on the main Sion-Panvel Road and the Kapoor family was in talks with many interested parties, sources said.

Pirojsha Godrej, Executive Chairman, Godrej Properties said, "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."

Randhir Kapoor of R K Studios said, "This property in Chembur has been of tremendous significance to my family over the many decades that R.K. Studios has 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."