- The company will develop the property, spread across 2.2 acre of land area, into a mixed-used development project
- The upcoming project will span across 0.35 million sq ft of saleable area comprising modern residential as well as luxury apartments
Mumbai: Godrej Properties Ltd (GPL) on Friday said it has bought Mumbai’s iconic R.K. Studios, founded by legendary film actor Raj Kapoor, for an undisclosed amount.
The company will develop the property, spread across 2.2 acres, into a project spanning 0.35 million sq ft of saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience, Godrej Properties said in a filing to the BSE.
Mint reported on 27th October, 2018, that the company was in talks with the Kapoor family to buy the property for nearly ₹200 crore.
R.K. Studios was the headquarters of Raj Kapoor’s film production company R.K. Films and was a hub of film shoots, particularly in the 1970s and 1980s.
“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,” said Pirojsha Godrej, executive chairman, Godrej Properties, in the filing.