Raj Kapoor-founded RK Studios has been sold to Godrej Properties. Realty firm Godrej Properties on Friday announced the acquisition of iconic R K Studios' land in Chembur, Mumbai, where it would develop mixed-use project housing luxury flats and retail space.
In a statement, Pirojsha Godrej, Executive Chairman, Godrej Properties said that "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.
He further added, “We will seek to ensure we celebrate the remarkable legacy of this site with the goal of delivering an outstanding lifestyle for its residents.”
Meanwhile, the eldest son of Raj Kapoor, former actor Randhir Kapoor too confirmed the news. Randhir Kapoor said, “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.”
Earlier, In an interview published on 26 August, Rishi Kapoor, brother to Randhir Kapoor, told Mumbai Mirror that the family has collectively decided to sell R.K. Studios as it was no longer economically viable to rebuild after severe damage from a fire a year ago.