Godrej Properties Buys Mumbai's Iconic RK Studios
Real estate major Godrej Properties has completed the purchase of Mumbai’s iconic RK Studios for an undisclosed amount. However, media reports suggests that the celebrated owners of the property — the Kapoors and the real estate arm of Godrej Group have sealed the deal for a price ranging between Rs 170 crore to Rs 190 crore. The Kapoors had quoted the price as Rs 250 crore.
The 2.2-acre land parcel in Chembur will be used to construct a mixed-used project with modern residences and luxury retail on this plot. The developer will be able to use 3.5 lakh square foot of the saleable area of the plot. The developer already owns another 2.5-acre land next to the studios, which it had bought for Rs 175 crore.
The RK Studios was built 70 years ago by Raj Kapoor, also known as the Greatest Showman of the Indian cinema. The property is 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 of the Mumbai city. 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 (sqf) in March 2018, in same month in 2019, the prices have reached Rs Rs 17,024 per sqf.