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It's lights off at one of Mumbai's oldest studios which has been
purchased by a city-based developer, say realty sources

This could be the end of an era in filmmaking. Sixtyyear-old
Filmistan – one of Mumbai's oldest studios – will cease to exist. Its
owners Kamanwala Housing Constructions Limited (KHCL) and Aspen
Properties are close to finalising a deal with a city-based real
estate developer to sell the property, spread over seven acres in
Goregaon (West), for around Rs 600 crore, according to market
sources.
The property was on the block for over 10 months, sources said.
KHCL director Atul Jain initially said, "No deal has been signed."
When pressed further, he admitted, "We are looking at selling the
property. It will be sold by both parties (KHCL and Aspen)."
Asked if movie shootings will cease to exist once the property
exchanges hands, Jain said, "That is obvious. What kind of development
will take place – residential or commercial –hasn't been decided."
One of the speculated buyers is Oberoi Constructions. The company's
managing director, Vikas Oberoi did not answer phone calls or revert
to text messages. It is not clear whether current owners will retain a
small stake in the project. Experts peg the developable area around 7
lakh sq ft. A timeline for development is not known, even as many big
budget films and a reality show continue to be filmed at the studio.
http://epaper.timesofindia.com/Daily/skins/MIRRORNEW/navigator.asp?Daily=MMIR&showST=true&login=default&pub=MM&AW=1297758901734

Times of India article
http://epaper.timesofindia.com/Daily/skins/TOINEW/navigator.asp?Daily=TOIM&showST=true&login=default&pub=TOI

Regard
Smart Profit Financial Consultancy
+919967394114
info@smartprofit.in
www.smartprofit.in

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