Piramal Realty’s Joint Venture Deal of Famous Studios in Mahalaxmi Hits a Snag

Piramal Realty’s Joint Venture Deal of Famous Studios in Mahalaxmi Hits a Snag

Piramal Realty’s Deal to Develop Famous Studios in Mahalaxmi Hits a Snag. The proposed redevelopment of Famous Studios in Mahalaxmi by Piramal Realty appears to be facing roadblocks. Sources familiar with the project suggest the joint development agreement (JDA) might be scrapped.

Project Details:

• Location: Mahalaxmi, South Mumbai
• Land Area: Nearly 1 acre
• Agreement Timeline: Finalized in April, targeted completion by January 15, 2018 (now delayed)

Stalled Progress:

• Piramal Realty has reportedly not made the promised upfront payment of Rs 80 crore.
• The 40% share of project space offered to the owner, Arun Roongta, might also be a point of contention.

Unconfirmed Information:

• Neither Piramal Realty nor Arun Roongta has provided any official comments on the situation.

Studio’s Status:

• The Famous Studios continue to operate in Mahalaxmi.
• The owners have reportedly leased a space in Santacruz and shifted some operations there.

Background:

• Established in 1946, Famous Studios is a landmark with nine studios for filming and post-production, a preview theater, and office spaces.

Overall Significance:

The lack of official comment leaves the future of the project uncertain. This could be a case of a stalled negotiation or a potential cancellation of the entire redevelopment plan.

 

Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in