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This article is more than 2 year old.

Godrej Properties buys iconic RK Studios in Mumbai, plans to develop luxury residential complex

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Realty major Godrej Properties on Friday said it bought RK Studios' land in Mumbai's Chembur locality, an iconic location which used to be the film studio of noted actor and film maker late Raj Kapoor.

Godrej Properties buys iconic RK Studios in Mumbai, plans to develop luxury residential complex
After a long wait and speculations, Mumbai's iconic RK Studios is sold to realty major Godrej Properties.
Located in Chembur, the studio has a lot of history associated with it.  Legendary actor Raj Kapoor founded it in 1948 and the first movie shot was Aag, which failed to perform well at the box office.  The studio came in spotlight after the commercial success of films such as Barsaat, Awaara and Jagte Raho. Awaara received global recognition.
The studio suffered major damage in a fire in September 2017 that gutted decades of film memorabilia. The decision to sell the property was taken unanimously by the Kapoor family because after the fire, the mounting maintenance cost and fewer bookings were eating into the profits.
Godrej Properties will use the 33,000 square meters of land to develop luxury flats and retail space. While the company has not disclosed the deal value, some reports suggest the consideration could be as much as Rs 200 crore.
The property was owned by Raj Kapoor’s sons — Randhir Kapoor, Rishi Kapoor, and Rajiv Kapoor — and daughters Ritu Nanda and Reema Jain. "This property in Chembur has been of tremendous significance to my family over the many decades that RK 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," Randhir Kapoor 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,” Pirojsha Godrej, executive chairman, Godrej Properties said.
The site is strategically located on the main Sion-Panvel Road and offers an extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail malls, residential, and commercial spaces in close proximity, the realty firm said.
RK Studios’ logo is inspired by the famous scene in movie Barsaat where Raj Kapoor is seen romancing yesteryear star Nargis. The poster had Raj Kapoor holding Nargis in one arm and a violin in another. According to Merinews, it could be a possibility that the poster was inspired by the French painting by Rene Francois Prinet, which was in turn inspired by Leo Tolstoy’s short novel Kreutzer Sonata.
 
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