Mumbai developer Godrej Properties Ltd said on Friday it has bought the iconic RK Studios and plans to develop a mixed-use real estate project on the land parcel.
The Chembur studio is one of the legacies of legendary actor Raj Kapoor and has given a platform to many film personalities over the years. It is spread over an area of 2.2 acres and offers a saleable area of 33,000 square meters.
The developer said in a stock-exchange filing that it will convert the land parcel into a project comprising residential apartments of various configurations as well as a luxury retail shops.
The statement did not specify the deal size but it is estimated to be in the range of Rs 500 crore.
Raj Kapoor’s sons had collectively decided to put the property on the block some time back.
Pirojsha Godrej, executive chairman at Godrej Properties, said the deal fits well with its strategy of deepening its presence in key locations across India’s leading cities.
The statement said that the land parcel is located on the main Sion-Panvel road and offers a well-developed social and civic infrastructure with multiple schools, hospitals, retail malls, residential, and commercial spaces in close proximity.
Godrej Properties, which has presence across residential and commercial segments, usually strikes joint ventures with land owners for developing a project. It follows an asset-light model and rarely acquires land parcels to build projects.
Recently, it entered into a joint venture with a developer to develop a 4.25 acres sea-facing property in the prime suburban micro-market of Bandra West, Mumbai.
The company said it achieved its highest-ever booking numbers in the last quarter of financial year 2018-19. The developer sold more than 2,900 homes with a total area of about 3.75 million sq ft and a booking value in excess of Rs 2,100 crore during the quarter.