RK Studios to go up on sale; Rishi Kapoor says investment in rebuilding wouldn't have yielded sufficient revenue
The Kapoor family has decided to sell the iconic RK Films and Studios, which was built by legendary actor Raj Kapoor nearly 70 years ago, due to growing losses. Located in Chembur, the studio was in the news September last year after a major fire broke out, leaving the place gutted.
Speaking to Mumbai Mirror, Rishi Kapoor spoke on behalf of the family and said: "The investment in rebuilding the studio would just not have yielded sufficient revenue to keep it going. Even before the fire, for years RK Studio had become a huge white elephant, toting up losses."
He mentioned that the number of bookings had decreased substantially over the years with producers preferring studios near Goregaon and Andheri. Being part of the Eastern suburbs, Chembur was no longer seen as a lucrative shooting space, like it was back in the 40s and 50s. The Kapoors even considered renovating the whole space with cutting edge technology; however, the fire last year made their plans to revive the studios even more unrealistic.
The handful of clients using the studios had started demanding free parking space, air-conditioning and discounts, claims Rishi, which had further added to the losses.
A team employed by the family has initiated the negotiations for the sale of the premises.
Updated Date: Aug 26, 2018 10:55 AM