CPP Investments and RMZ Corp will jointly develop a commercial office project on Mumbai's historic Kamalistan Studio's 15-acre land. The iconic studio, established in 1958, is known for Bollywood blockbusters like Pakeezah and Amar Akbar Anthony. This marks the second collaboration between the firms, following their 2021 joint venture to develop 10 million sq ft of office spaces in Hyderabad and Chennai. The project is expected to meet the growing demand for high-quality office spaces in India's key cities and contribute to Mumbai's ongoing urban renewal efforts.
Canada Pension Plan Investment Board (CPP Investments) and real estate developer RMZ Corp have entered into an agreement to develop a commercial office project on the 15-acre land in Mumbai, which currently houses the historic Kamalistan Studio, as confirmed by sources familiar with the matter. The iconic studio, founded in 1958 by filmmaker Kamal Arohi, has been the backdrop for numerous Bollywood blockbusters, including Pakeezah, Razia Sultan, and Amar Akbar Anthony. Kamalistan Studio is situated in the western suburb of Jogeshwari in Mumbai.
The new development is expected to attract prominent companies and foster economic growth in the region, further enhancing Mumbai's status as a leading commercial hub in India. The project will include state-of-the-art facilities and sustainable features, in line with the current demand for environmentally friendly office spaces.
In March 2022, Bengaluru-based RMZ Corp and CPP Investments announced a joint venture to develop and maintain commercial office spaces in major Indian cities. The partnership aims to capitalize on the increasing demand for high-quality office spaces across the country, driven by rapid urbanization, growing industries, and the expansion of multinational corporations.
This marks the second collaboration between the two firms, following their initial joint venture in 2021, which aimed to develop and manage approximately 10 million square feet of grade A commercial office spaces in Hyderabad and Chennai. The success of their first venture has paved the way for the Kamalistan Studio project, demonstrating the strong partnership and shared vision of both CPP Investments and RMZ Corp.
The redevelopment of the Kamalistan Studio site comes amidst a wave of urban renewal projects in Mumbai, as the city's authorities aim to modernize and repurpose aging infrastructure and underutilized properties. The project will contribute to the ongoing revitalization of Mumbai, providing additional employment opportunities and stimulating the local economy.
In conclusion, the iconic Kamalistan Studio site is set to be transformed into a commercial office project through the joint efforts of CPP Investments and RMZ Corp. This venture is expected to contribute significantly to the growing demand for high-quality office spaces in India's key cities, while simultaneously preserving the cultural legacy of the historic studio site.
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