End of an era: Godrej Properties buys iconic RK Studios
Yesterday, Godrej Properties Ltd took over the iconic RK Studios, marking the end of an era as far as Hindi films are concerned. While none of the parties involved have revealed the actual sale price, market experts have estimated it to be around Rs. 50-60cr. Some have even pegged it to be around Rs. 180cr. The studio was established in 1948 by Raj Kapoor.
GPL Executive Chairman confirms development, celebrates 'the remarkable legacy'
Confirming the development, Pirojsha Godrej, GPL Executive Chairman, said, "We're 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." "We'll try to ensure that we celebrate the remarkable legacy of this iconic site with the goal of delivering an outstanding lifestyle for its residents."
'Excited to have chosen Godrej to script a new chapter'
Meanwhile, Randhir Kapoor, Raj Kapoor's eldest son said, "This property in Chembur has been of tremendous significance to my family over many decades. We are excited to have chosen Godrej Properties to script a new chapter for this location and build upon its rich history."
The property, situated in Chembur, has many amenities in proximity
The land area of the property is around 2.2 acres, with 33,000 square meters of salable area, and Godrej is planning to turn it into residential apartments and luxury retail space. Situated in Chembur on the main Sion-Panvel Road, the studio has multiple schools, hospitals, retail malls, residential, and commercial spaces in close proximity. It also offers well-developed social and civic infrastructure.
2017 fire destroyed several memorabilia, like 'Mera Naam Joker' puppets
The 71-year-old studio was gutted in a massive fire in 2017, which totally destroyed the historic stage 1 and several memorabilia, like Raj Kapoor's shoes from the song Mera Joota Hai Japaani and the puppets from Mera Naam Joker. Every attempt to revive it failed, and that's when the Kapoors decided to put it up on the market, a fact confirmed by Randhir.
The property was sold some six-seven months ago, says Randhir
"It was becoming difficult to manage it, although we did everything for its upkeep. The fire in 2017 gutted down everything of importance there, and from that point, it became harder," the 72-year-old said. He further informed that the property was sold some six to seven months ago, and "we all have an emotional attachment but this was the need of the hour."
'My father always said that the show must go on'
"My father believed in moving on with time; he always said that the show must go on, come what may. That is exactly what we did when it came to RK Studios." "The property was in good hands in the past and it continues to be in good hands even now. I hope they will respect the legacy of the land," Randhir added.
Rishi Kapoor had told about RK Studios sale in August
His brother Rishi Kapoor, who is recuperating in US after tackling a year-long battle with cancer, had said in August that they are planning to sell the studios, as it was getting difficult to maintain it. There were several rumors about the buyer since then. Now we know who has got its ownership, and we simply hope the land gets a befitting tribute.
