Godrej Properties In Talks To Buy RK Studios For Rs 200 Cr
The iconic RK Studios, located in Mumbai’s Chembur, is likely to be bought out by the real estate giant Godrej Properties. According to media reports, the celebrated owners of the property- the Kapoors and the real estate arm of Godrej Group have already 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. Reports also suggest that the deal is almost final and Godrej Properties has already paid the token amount.
Once the deal is sealed, the 2.2-acre land parcel in Chembur will be used to construct a mid-income residential project. The developer has already bought another 2.5-acre land next to the studios for Rs 175 crore.
The studio was built 70 years ago by Raj Kapoor, the Greatest Showman of the Indian Cinema. It was in September last year when a major fire broke out in the studios, destroying precious memorabilia, including Raj Kapoor's Mera Naam Joker costume and mask. It was termed as “more than a monetary loss” for the Kapoor family.
At present, the RK Studios are jointly owned by Raj Kapoor’s three sons – Rishi Kapoor, Randhir Kapoor and Rajeev Kapoor. However, reports suggest that the documents of sale will only be registered after Diwali. Once the deal is sealed, the amount, at which the property is sold, will be distributed between everyone related to the studio.
The Kapoors have 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 15,246 per square foot (sqf) in September 2017, in same month in 2018, the prices have reached Rs 16,383 per sqf.