The Godrej group of companies today confirmed that it has bought over the iconic Raj Kapoor Studios or RK Studios and they intend to transform it into a housing complex. Last year, Rishi Kapoor had declared that they are looking for a buyer for the most iconic studios of Mumbai and Bollywood.
Rishi Kapoor had also said earlier that the decision came after a fire destroyed the main shooting floor, taking with it the film memorabilia that the family had preserved for decades. It included old posters, the puppets from Mera Naam Joker (1970), the tramp shoes from Awara (1951) and several costumes. The Kapoors argued that rebuilding the floor and maintaining the studio would be too expensive while the returns remain minimal.
RK Studios, also the headquarters of film production company RK Films, was founded by Raj Kapoor in 1948. RK Films bankrolled films the legendary and iconic films of India like Awaara (1951), Shree 420 (1955), Mera Naam Joker (1970) and Bobby (1973) among others. In a statement, Godrej Properties said, “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.”
Talking about the sale of RK Studios to Godrej Properties, Randhir Kapoor told Indian Express, “We had done this deal six months ago. Everything is finalised. RK Studios has been a big part of the Kapoor family, and it was time to move on.”
The yesteryears actor refused to give any further details about the deal to the media. While the deal size was not disclosed by Godrej as well, the value of the property at market price is estimated at around ₹200 crore by experts.