The RK Studios deal is finally sealed and Godrej Properties are now its rightful owners as per a report in Dainik Bhaskar. The new company plans to build a residential complex in the same area that is near to an upcoming metro station. The foundation of RK studios was led by late actor Raj Kapoor in 1948 and today, 70 years after its original construction, the owners decided to sell it to another party. The studio was spread over 2.4 acres in Chembur, Mumbai, however, the new owner has only bought 2 acres out of it. RK Studios Last Ganesh Chaturthi: Ranbir Kapoor, Rishi Kapoor and Others Bid an Emotional Good Bye At The Last Visarjan Procession (Watch Videos).

A source to the regional publication said that the cost of this transaction is between 170-190 crore. Even if the deal was finalised in 170 crores, it's quite a good one. Although Kapoor family is expecting a full 2.4 acres, Godrej Properties will not pay more than 2 acres, since the usable land is worth the same amount. Slums and shops have encroached on the other side, there is also a police checkpoint and some part of it is marked for widening the road. Kareena Kapoor Khan on RK Studios Sale: I Don’t Know How Far What Is Actually Happening.

Randhir Kapoor insisted that the family is very sad to let go of this iconic property. He had said, "We are very sad, but it is impossible to recreate the whole studio again after the fire in 2016." Since all the shootings take place in Andheri and Goregaon these days, there's no scope left to erect a studio right from its scratch.

(The above story first appeared on LatestLY on Oct 29, 2018 09:24 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).