Kapoors in talks with Godrej Properties to sell R.K. Studio for ?200 crore

Owners of the iconic R.K. Studio are in talks with Godrej Properties Ltd to sell the property for around ?200 crore, according to two people aware of the development. In the last few months, the Kapoor family including brothers Rishi, Randhir and Rajiv, have been in talks with several developers to sell 1.6 acres of the two-acre property, located in suburban Chembur, Mumbai. The Kapoors have asked for a hefty amount of over ?250 crore for the property, said the first person mentioned above. However, according to other builders, it is likely to fetch around ?150 crore. A Godrej Properties spokesperson said: “As a matter of company policy, we do not comment on market speculation.” Randhir Kapoor, son of late Raj Kapoor, said talks are still underway with few developers to sell the property. “It will take another two-three weeks to close it,” he said without giving further information on the deal On Friday, Kapoors’ legal advisers DSK Legal, by way of a public notice, invited any potential claimant to come forward along with the document to ascertain the rights on the property. Rishi Kapoor said that the family has collectively decided to sell the R.K. Studio as it was no longer economically viable to rebuild after severe damage from a fire a year ago. Kapoor also said the family had considered renovating the property with a state-of-the-art technology. R.K. Studio was the headquarters of Raj Kapoor’s film production company R.K. Films and was a hub of film shoots, particularly in the 1970s and 1980s. Few big land deals have been signed around the Chembur area in the last one area. Recently, Bengaluru-based Puravankara Ltd purchased a two-acre plot at Chembur from Food and Inn Ltd for ?147 crore. According to this deal, the land price around the area stands at around ?73.5 crore. Last year, PepsiCo sold its 2.3 acres Duke’s plant to real estate firm Wadhwa group for ?167 crore located within the vicinity.