The six-decade-old Kamal Amrohi Studio, also known as Kamalistan Studio which has produced many a Hindi blockbuster, is going under the hammer as realty players DB Realty and Bengaluru-based RMZ Corp RPT RMZ Corp have agreed to jointly develop the 15-acre land into the country’s largest corporate office park.
Kamalistan is the second film iconic studio to be converted into commercial property after the RK Studio in the eastern suburb last month.
DB Realty in a filing to the exchanges on Monday said Mahal Pictures–the production house of Kamalistan–has entered into an in-principle understanding with RMZ Group to sell and develop a part of the land along the Jogeshwari-Vikhroli Link Road into one of the largest corporate office park and may be named as Aspire.
Though the filing did not mention financial details or the development plans, media reports said RMZ will get a 55 percent stake while DB Realty and Avinash Bhosale Group, which has a stake in Mahal Pictures, will hold the rest and the project may cost a whopping Rs 21,000 crore offering over around 7 million sqft of office space.
Founded by the late filmmaker and screenwriter Kamal Amrohi in 1958, the Bollywood landmark canned many hits such as Mahal (1949), Pakeezah (1972) and Razia Sultan (1983). Amar Akbar Anthony and Kaalia were shot at the studio.
The late Kamal Amrohi built the studio way back in 1958 on the 15-acres land in the Jogeshwari area of the megapolis. In October 2010, Amrohi’s three sons sold a portion of the studio to three builders–DB Realty and the Luthrias, who once owned Bandra’s erstwhile Sea Rock Hotel, and Avinash Bhosale group for around Rs 200 crore.
It may be recalled that on May 3 this year, the city-based realty player Godrej Properties purchased the iconic RK Studios with plans to convert the 71-year old property into a residential and retail development.
Last week, DB Realty had announced that inter se old disputes between it and erstwhile and existing shareholders of Mahal Pictures had been put to rest and the company’s shareholding in the latter increased to 40 percent from 33.33 percent, while Avinash Bhosale will own the remaining 60 percent in the upcoming development.