Rs 5,000 crore for Filmistan Studio?

Filmistan studio was founded in 1943 by Shashadhar Mukherjee and Ashok Kumar. This iconic studio has catered the needs of numerous entertainers in last 7 decades. If sources are to be believed, the owner is all set to transfer the possession of this property. Nevertheless, the owners of the studio have denied this market buzz of Filmistan being sold.

Real estate Company, Kamanwala Housing Construction Ltd (KHCL) holds a majority stake in Filmistan and it is being claimed for putting the studio up for sale. Kamanwala Housing Construction Ltd purchased the property in 1988. Nowadays the company is said to be in negotiations with some leading developers regarding the same.

The studio is located in Goregaon (West), where the property rates are quoted above Rs 10,000 per square feet. Filmistan is spread over 5 acre of lush green area for which Kamanwala Housing is seeking the amount over Rs 500 crore. The land is held in partnership between Kamanwala and Aspen Properties.

The owner of KHCL, Mr. M L Gupta refused to comment on it. HDIL’s name came forward as one of those leading developers with whom KHCL is in negotiations, also refused to respond. The Jalans bought the studio from Ashok Kumar and Shashadhar Mukherjee in 1950; they are also denying such reports of sale. Nonetheless, they still control the studio.

KHCL was established in 1984 and just 4 years after its inception, it had enough sources and resources to buy the Filmistan Studio. The company took the charge to convert Advani Chambers into Kamanwala Chambers at Fort, Mumbai, back in the year 1985, which was their first and successful project.

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Suraj Yadav

Journalist at Realty Bytes. Keeps a close eye on real estate market/industry. Opinions on the latest trends on the real estate market.

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