RK Studios' land in Mumbai acquired by Godrej Properties

RK Films & Studios in Mumbai, the iconic and sprawling location at Chembur which used to be film studio of yesteryear actor and filmmaker late Raj Kapoor, has been purchased by Godrej Properties for real estate development.

It was set up by the legendary actor in 1948, a year after India gained Independence from the British Raj.

Godrej Properties said on Friday it will develop a mixed-use project at the site. "Spread across 2.2 acres, this project will offer 33,000 square metres (0.35 million square feet) of saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience," it said in a statement.

The company did not give value of the transaction but 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.

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

Randhir Kapoor of RK Studios said: "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.