Godrej Properties Start Demolition Work At RK Studio, Mumbai
Real estate developer Godrej Properties has started the demolition work at Mumbai-based RK Studio, the iconic building that was the workshop of legendary film-maker Raj Kapoor. Godrej Properties is planning to construct a mixed-used project with modern residences and luxury retail on the 2.2-acre land parcel. Located in Chembur suburb in Mumbai, the film studio, which has been witness to the making of several iconic films produced by the Kapoor family over the decades, was founded by Raj Kapoor in 1948.
In May 2019, Godrej Properties completed the purchase of the studio for an undisclosed amount. However, media reports suggested that the deal was signed for a price ranging between Rs 170 crore to Rs 190 crore. The developer will be able to use 3.5 lakh square foot (sqft) of the saleable area of the plot. Godrej already owns another 2.5-acre land next to the studios, which it had bought for Rs 175 crores.
Before it was bought by Godrej, the RK Studios was jointly owned by Raj Kapoor’s three sons – Rishi Kapoor, Randhir Kapoor and Rajeev Kapoor. They had been trying to sell the property as it had become economically unviable for them to maintain and run it.
At the time when the RK Studios was constructed, Chembur was a distant and under-developed suburb. However, the locality has come a long way, and is now seen as the hotbed for real estate, especially for those looking for property in the affordable segment. It is considered to be one of the busiest suburbs in Mumbai.
Property prices here have been steadily rising over the past one year. While it stood at Rs 15,908 per square foot (sqft) in March 2018, prices have appreciated to reach Rs Rs 17,024 per sqft now.
With inputs from Housing.com News