The land on which the iconic RK Studios' is located in Mumbai’s Chembur has been acquired by Godrej Properties as the realty film will develop housing luxury flats and retail space in its place, a news agency reports.

"Spread across 2.2 acres, this project will offer approximately 33,000 square meters (about 0.35 million square feet) of saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience," the company said in a statement.

Details of the value of the deal has not been disclosed but Godrej Properties Executive Chairman Pirojsha Godrej said, "This fits well with our strategy of deepening our presence in key locations across India's leading cities. We will seek to ensure we celebrate the remarkable legacy of this site with the goal of delivering an outstanding lifestyle for its residents.”

Rishi Kapoor on behalf of the Kapoor family, had announced in August 2018 that they have collectively decided to sell the sprawling studio, built by his late legendary father Raj Kapoor. They took the decision as it was not economically viable to rebuild it after it was gutted in a fire in 2017.

Rishi Kapoor’s brother Randhir Kapoor said, "This property in Chembur has been of tremendous significance to my family over the many decades that R K Studios has operated from there. We...have chosen Godrej Properties to script a new chapter for this location and build upon its rich history.”

R.K. Studio, the headquarters of the film production company R.K. Films, has been home to shoot of films like Jis Desh Me Ganga Behti Hain, Mera Naam Joker, Bobby, Shivam Sundaram, Prem Rog and Ram Teri Ganga Maili, which was the founder-actor's last film before his death in June 1988.

Source: PTI