In September 2017, a massive fire broke out at iconic RK Studios situated in Chembur. This destroyed many precious memorabilia and other studio equipment. From last year, it has been reported that the Kapoor family is planning to sell RK Studios as it was becoming very difficult to manage. In the month of October, DNA had reported that Godrej and the Kapoor clan were working out the finer details of the deal. It's confirmed that Godrej Properties Ltd registered the 2.2-acre property in Chembur earlier this week. It is said that they collectively paid the five Kapoor siblings Rs 250 crore.
Godrej Properties released a statement which read as, "The site is strategically located on the main Sion-Panvel Road and offers an extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail malls, residential, and commercial spaces in close proximity."
While Randhir Kapoor stated to Bombay Times, "We sold the property about six-seven months ago. It was a decision that we had taken and it was only a matter of time before we would execute things. It was becoming difficult to manage it, although we did everything for its upkeep. The fire in 2017 gutted down everything of importance there, and from that point onwards, it became harder. My father believed in moving on with time; he always said that the show must go on, come what may. That is exactly what we did when it came to RK Studios."
The veteran actor added, "We all have an emotional attachment with what our father had built for us, but this was the need of the hour. The property was in good hands in the past and it continues to be in good hands even now. My best wishes are with the new owners. I hope they will respect the legacy of the land that they have bought from us."