K Raheja Corp’s ₹650 Crore Bet on Famous Studios

K Raheja Corp is in advanced negotiations to acquire the iconic 1.5-acre Famous Studios property in South Mumbai for an estimated ₹650 crore. The transaction is expected to be structured as a joint development agreement (JDA), wherein the developed space will be shared between the developer and the current owners.

Established in 1946, Famous Studios has long served as a landmark in India’s entertainment industry, hosting Bollywood film shoots, television productions, and advertising campaigns. Located on Dr. E Moses Road, the property enjoys a premium position overlooking the Mahalaxmi Racecourse and offers a redevelopment potential of nearly 400,000 sq. ft., subject to approvals from civic authorities.

This is not the first redevelopment attempt for the site. In 2012, a ₹350 crore deal with Piramal Realty was called off due to issues around leasehold conversion, tenant relocation, and commercial disagreements.

Over the decades, Famous Studios evolved with industry trends by adding digital post-production and event infrastructure. However, with escalating land values in South Mumbai, redevelopment has now become a commercially viable option.

If finalized, this acquisition would mark a significant addition to K Raheja Corp’s South Mumbai portfolio and contribute to the ongoing transformation of the city’s commercial real estate landscape.

News by Rahul Yelligetti.