It was only fitting that a deal of mega proportions was inked for property that possesses a special significance not just for Mumbai’s realty market but for an entire country of cinema lovers. Still in the dark about what we’re talking about? Perhaps this memorable Raj Kapoor dialogue will throw some light on the matter- hum toh dil ke saudagar hain- dil khareedte hain, dil bechte hain. Indeed, Raj Kapoor won hearts for decades as one of Indian Cinema’s stalwarts and it is only fitting that his iconic RK Studios’ land was picked up Godrej Properties, the realty division of one of India’s biggest business conglomerates.
Key details about the mega property deal
While there has been no confirmation on the amount paid, sources put the market value of the property at close to Rs. 200 crore while some speculate that the final price may have been anywhere in the sub-Rs. 100 crore bracket. Here are some of the key details of the deal:
- Godrej Properties Limited has confirmed its acquisition of the famous RK Studios at Chembur although the amount has not been revealed.
- RK Studios was founded by Raj Kapoor and hosted several memorable films that were shot in the 1970s and 1980s here under RK Films.
- Raj Kapoor’s studio was owned jointly by his successors, the famous Kapoor family after his death.
- The Kapoor family decided that the rebuilding of RK Studio was not financially viable any longer after a huge fire gutted it in the year 2017.
- Godrej Properties Limited is planning to develop a mixed-use project on the land housing the property which covers 2.2 acres.
- 33,000 square metres of saleable space or approximately 0.35 million sq. ft. will be offered by the Godrej Properties project.
- The project will have contemporary and premium residential apartments in varying sizes and layouts along with luxury retail facilities.
- Godrej Properties Limited has already stated that the property is strategically located on the important Sion-Panvel Road while offering excellent civic, physical and social infrastructure nearby. There are several hospitals, educational institutions, residential projects, commercial offices and shopping malls located near the site.
- Executive Chairman at Godrej Properties Limited, Pirojsha Godrej, has already stated that the famous site of RK Studios in Chembur is a wonderful addition to the company’s upcoming project portfolio and is in sync with the company blueprint of bolstering its market presence in major Indian cities. He also added that the company will attempt to cherish and commemorate the legacy behind this famous project site while offering elevated lifestyles to all residents.
- Randhir Kapoor, one of Raj Kapoor’s sons and reputed actor, has also stated that this property has been immensely valuable for the Kapoor family over several years and Godrej Properties is the right brand for enhancing the legacy of the site and taking things to a new level.
- IC Universal Legal is the entity working on behalf of the Kapoor family and RK Studios while Godrej Properties Limited used its own legal team for completing the deal.
A brief insight into RK Studios
Cinema lovers will always cherish Raj Kapoor and his famous RK Films production house. RK Studios has gone through a chequered journey over several year and here are some brief insights into its rich history.
- RK Studios was founded in the year 1948, housing RK Films and multiple blockbusters were shot here over several decades.
- RK Films was present as a banner prior to Raj Kapoor deciding to build a good studio with the money he earned from Barsaat, the super hit movie in the year 1949.
- The 2.2 acre plot was thus purchased in Chembur and was located far away from the South Bombay city centre back then.
- The studio proved lucky for the Kapoor family with RK Films churning out hits galore such as Awaara, Shree 420, Boot Polish and also Jaagte Raho all through the 1950s. The Kapoor family could control costs by making films at their own studio.
- The studio was still visible across movie screens back in the 1970s and 1980s and also hosted the Kapoor family weddings, parties and other events.
- Rishi Kapoor has already spoken in his official memoir about how RK Studios was the family’s biggest training institute in films.
- The fire in 2017 gutted several portions of the studio including its famous stage and also some iconic memorabilia including puppets used in Mera Naam Joker and shoes worn in the iconic song Mera Joota Hai Japaani among others.
The famous Kapoor family includes showmen Prithviraj Kapoor, Raj Kapoor, Shashi Kapoor, Shammi Kapoor, Rishi Kapoor, Neetu Kapoor, Babita Kapoor and Randhir Kapoor in addition to contemporary stars like Karisma Kapoor and Kareena Kapoor along with youth heart-throb Ranbir Kapoor.
It remains to be seen whether Godrej Properties takes up any special initiative to further build on the chequered legacy of the site for its mixed-use project. It goes without saying that this mega property deal is a shot in the arm for the Chembur real estate market and the iconic stature of the plot means that it could certainly find innumerable takers!