Nostalgia thrown up by the sale of iconic R K Studios had little time to die down before news broke that yet another old-time movie studio has been sold off. The Kamalistan studio, which once produced such iconic movies like Pakeezah and Mahal, will now make way for swanky commercial buildings with DB Realty and RMZ Corp becoming its new owners. Market insiders say that two more prominent studios are also considering selling off their valuable assets.
DB Corp said in a regulatory filing that Mahal Pictures — the production house that owned Kamalistan — has entered into an in-principle understanding with RMZ Group to sell and develop about 15 acres of land along the Jogeshwari-Vikhroli Link Road into one of the largest corporate office parks in Mumbai with over 7 million square feet of office space and a project cost pegged at around Rs 21,000 crore. While no other financial details were disclosed, RMZ is likely to get a 55 per cent stake while DB Corp and Avinash Bhosale Group, which has a stake in Mahal Pictures, will hold the rest of the equity.
RK Studios and Kamalistan are not the only two studios that are likely to make way for modern office blocks. According to realty consultants, there are two more prominent studios in Mumbai which are planning to shelve off their respective studios.
“In the last few weeks, two more studios have approached us for valuations. One studio, a prominent one, wants to sell it off because of an ongoing battle over ownership. Another has approached us as the studio is loss-making and they can monetise it and use the funds for another business. Apart from that, there is a big dubbing studio too considering a sale,” said a leading property consultant. Cinephiles may lament the shutting down of these iconic studios which have captured the evolution of Indian cinema, but industry representatives put the blame on the changing business of entertainment, which can no longer afford to maintain old-style studios.
Founded by the late filmmaker and screenwriter Kamal Amrohi in 1958, the six-decade-old studio produced many hits, including those like Mahal (1949), Pakeezah (1972) and Razia Sultan (1983), Amar Akbar Anthony and Kaalia, all of which were shot at the studio. According to Tajdar Amrohi, son of Kamal Amrohi, running Kamalistan was an expensive affair. After all the costs of shoots, electricity, maintenance and paying staff salaries, the venture would only bring in Rs 10-15 lakhs a month. Legal disputes and family feuds were also taking a toll.
“While the big budget movie makers go for outdoor shoots and prepare their own sets, those with fewer budgets prefer smaller rooms and locations. Many of the old studios are not technically updated which would require a decent investment. Not many are interested in doing so,” the consultant pointed out.
This was the reason that V Shantaram’s Rajkamal Studios, Bombay Film Lab, Jyoti and Filmalaya have also shut shop over the last two decades.
However, developers are not complaining since these transactions bring in a supply of highly valuable, centrally located land which is extremely rare in highly developed cities like Mumbai. For instance, the iconic RK Studios, which was bought by Godrej Properties, is likely to be turned into a mixed-use real estate project housing high-end homes and commercial spaces.
Cradle of blockbusters
Founded by late filmmaker Kamal Amrohi in 1958, the Kamalistan studio produced many hits such as Mahal (1949), Pakeezah (1972) and Razia Sultan (1983), Amar Akbar Anthony, and Kaalia
However, running the studio became an expensive affair in recent times, with the venture only earning G10-15 lakh per month after operating costs