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Founded by filmmaker Kamal Arohi in 1958, Kamalistan Studio is known for blockbuster Bollywood movies including Pakeezah, Razia Sultan and Amar Akbar Anthony. It is located in Mumbai’s western suburb Jogeshwari.
In March 2022, Bengaluru-based RMZ Corp and CPP Investments had announced that they have entered into a joint venture to develop and hold commercial office space in key cities across India.
This was the second joint venture between RMZ and CPPIB, following their first joint venture formed in 2021 to develop and manage around 10 million sq ft of grade A commercial office spaces across Hyderabad and Chennai.
The total aggregate capital commitment by CPP Investments into the joint venture will be Rs 2,650 crore, to support the development and acquisition of projects across India.
“The Kamalistan redevelopment project will be undertaken through the joint platform that counts RMZ as the development partner. The proposed project will have a total 4.89 million sq ft leasable commercial space across eight office towers,” said one of the persons mentioned above.
A few years ago, Kamalistan’s production house Mahal Pictures had entered into an understanding with RMZ Group to sell and develop a part of this land, along the Jogeshwari-Vikhroli Link Road (JVLR), into one of the largest corporate office parks.
According to reports, RMZ was expected to hold around 55% stake in the project, while Mumbai-based DB Realty and a Pune-based developer, which held stakes in Mahal Pictures, were to hold the balance stake. However, DB Realty sold its stake a few years ago. The project now has RMZ and CPP Investments as key stakeholders.
In 2010, media reports suggested that the studio was sold to three real estate developers including DB Realty for around Rs 200 crore.
ET’s email queries to RMZ Corp remained unanswered until the time of going to press, while CPP Investments declined to comment.
RMZ Corp is looking at a hyper-growth strategy and is planning to grow its portfolio to 350 million sq ft of assets by 2032. It currently owns and operates a real asset portfolio of 67 million sq ft.
This project involving redevelopment of Kamalistan Studio is the latest example of an iconic film studio being converted into a real estate project.
In 2019, Godrej Properties acquired the RK Studios in Chembur suburb of Mumbai and has developed a luxury residential project on the plot. The Godrej Group company has recently also acquired producer, director and actor Raj Kapoor’s bungalow in Chembur suburb to develop a premium residential project.
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