In September 2017, a major fire broke out at one of the main stages of RK Studio and destroyed the sets of a dance reality show while the ground floor was gutted. Following which the Kapoor family decided to sell off the studio citing that the renovation cost is not economically viable.
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.
Talking about the fire and selling the property, Times of India quoted Randhir Kapoor, the eldest son of late actor Raj Kapoor, as saying, "We sold the property about six-seven months ago. It was a decision that we had taken and it was only a matter of time before we would execute things. It was becoming difficult to manage it, although we did everything for its upkeep."
Hoping that the new owners will respect the legacy of the studios, Randhir quoted his father and said, "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. We all have an emotional attachment with what our father had built for us, but this was the need of the hour."
Godrej Properties, part of Godrej group, said it has added a new project in Chembur, Mumbai.
"Spread across 2.2 acres, this project will offer approximately 33,000 square meters (about 0.35 million square feet) of the saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience," the company said in a statement.
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, the realty firm said.
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