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MUMBAI:
Well-known Famous Studios based bang opposite the Mahalaxmi
racecourse will soon go in for a joint redevelopment
with the Ajay Piramal-led Piramal Realty entering into
a deal with Arun Roongta, the owner of Famous Studios.
The
builder can develop around one lakh sq ft space on this
plot. However, the final development potential will
depend on approvals from civic authority. The transaction
for the prime property spread over around one and a
half acre is expected to be worth around Rs 3.50 billion.
The
deal will have Piramal Realty and the owner of the
studio jointly develop a high-end residential property
overlooking the racecourse for which the developer
has offered to pay around Rs 8 billion upfront, it
has been reported by a leading financial daily. The
realty firm has also offered nearly 40 per cent share
in the project revenue to the landlord.
Famous
Studios was set up in 1946 and has as many as ten
floors that were rented out for shooting purposes.
Currently, it has only eight with the other two being
used for post-production purposes. It also has a preview
theatre, and around 10 to 15 offices of production
houses.
Around
two years ago, DB Realty had initiated talks with
Roongta for the property but the talks fizzled out
owing to the structure of the proposed transaction
then.
Since
its launch, Famous studios has made an invaluable
contribution to the sphere of films, ad films and
TV shows.
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