R.K. Studios to script a new chapter after being sold to Godrej!

Back in August 2018, the Kapoor family had revealed that they will be selling R.K. Studios. The grand and iconic studio was by Raj Kapoor and was put for sale after a portion of the studio was gutted down in a fire that took place in 2017.

Randhir Kapoor confessed that it was becoming difficult for the Kapoor family to maintain the 2.2-acre property. In October last year, the rumors milled that the Kapoors were in talks with Godrej Properties for the sale of R.K. Studios. It was also speculated that they might get an amount somewhere in the ballpark of Rs 200 crore for RK Studios.

Now, reports have confirmed that the bid has been closed. RK Studios has officially been sold to Godrej. The cost of sale is still under wraps. However, a top executive at Godrej Properties has confirmed the sale and revealed the company’s plans to convert it into a real estate project, like an apartment complex.

"Spread across 2.2 acres, this project will offer approximately 33,000 square meters (about 0.35 million square feet) of the saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience," the company said in a statement.

Godrej Properties' Executive Chairman Pirojsha Godrej also expressed his thoughts on the deal. "We are happy to add this iconic site in Chembur to our development portfolio. 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.

“This fits well with our strategy of deepening our presence in key locations across India's leading cities. We will seek to ensure we celebrate the remarkable legacy of this site with the goal of delivering an outstanding lifestyle for its residents," he said.

Reacting to the sale, Randhir Kapoor said in the statement, "This property in Chembur has been of tremendous significance to my family over the many decades that R.K. 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 legacy.”