Piramal Realty, a real estate arm of the Piramal group, has bought Famous Studio in Mahalaxmi. One of Bollywood’s oldest studios in the city will be razed to make space for luxury residential apartments, said sources.
Piramal Realty entered into a joint venture agreement with the owners of Famous Studio on Wednesday to undertake the joint development. The transaction is said to have cost the Piramals around Rs. 300 crore.
Both the owners of the studio and the Piramals will share the profits of the project, said a source.
Famous Studio, which is spread over 1.5 acres, was set up in 1946 for film shoots, but later, the studio started offering other facilities such as sound recording, editing and equipment rentals. The studio also grew vertically and currently has 10 floors.
Refusing to comment on the deal, a Piramal group spokesperson said: “We do not comment on market speculation.”
While Famous Studio accepted that the property is on the block, it also refused to comment on the deal.
Piramal Realty recently also acquired Uniliver’s Gulita in Worli for Rs452 crore, where it is said to be planning to construct luxury apartments.