The R.K. Studios, one of the most reputed studios located in Mumbai is preparing to shut its doors forever for Bollywood. Rishi Kapoor, a senior member of the Kapoor family confirmed the news that the iconic property is on the verge of being sold.

The R.K. Studios was established by Showman Raj Kapoor in 1948, a year after India gained independence and since then have given many classics to the Indian Film Industry like Shri 420, Mera Naam Joker, Satyam Shivam Sundaram, Ram Teri Ganga Maili and Bobby. The sprawling landmark located in Chembur is one of the biggest legacies of Bollywood and the credit of its existence goes to the Kapoor clan, which has devoted their lives to acting and filmmaking for generations and given some of the finest actors to the industry.

In an interview with Mumbai Mirror, Rishi Kapoor revealed said that the decision has been taken by the consent of family and the reason for it is the renovation costs compared to the potential revenue that makes it economically non-viable. The studio had caught fire in September, 2017 some of the important sections of the building and its belongings were gutted in fire. Rishi Kapoor had rued about the loss utterly at that time. Announcing the news of fire on Twitter he had remarked that a studio can be built again but the most tragic thing about the fire incident was the loss of memorabilia and costumes that were irreplaceable.

The veteran actor also added that though his family is highly emotional, the decision of sell-off was a collective one and was taken after juggling with the idea of renovation of the building with state-of-the-art technology for long. Eventually the family had to think about the larger picture that made them realise that the investment on rebuilding would not generate enough revenue for the studio to be maintained. He also said that the R.K. Studio had been toting up losses since many years before the fire and became a huge white elephant. Only few bookings from movies, TV serials and ad shoots were received and these would expect free parking, air conditioning and free parking space, Rishi added.

Kareena Kapoor Khan, who was present for the finale of the Lakme Fashion Week was questioned about the news and she said that she has fond memories of the place, built by her grandfather and since a lot of childhood was spent in the corridors of the studio, the news is quite emotional for her. She further said that her father and uncles are the best people to ask about the decision and they might have certainly thought over it. She also added that the R.K. Studios is the most glorious studio and will always remain special for the family.