Published on June 24th, 2019 | by admin0
DB Realty set to transform Kamalistan Studios into a mega commercial office park
Mumbai’s skyline will see a major transformation as Kamalistan Studios, one of Mumbai’s most iconic structures, would soon be remodelled into a mega commercial office park. Spearheading the transformation is RMZ Corp along with Shahid Balwa-led DB Realty and Avinash Bhosale Infrastructure.
As per Nabil Yusuf Patel, Director, Sales & Marketing and Business Development, DB Realty, the development will have a positive impact on Mumbai’s real estate sector. The project, which is expected to be completed in the next five to seven years, will generate approximately 1.25 jobs or workstations. The project will have the same touch of elegance seen in other DB Realty projects in Mumbai and Pune.
Kamalistan was once a thriving studio spread over an area of 15 acres. During its heyday, the studio witnessed the production of mega blockbusters such as Amar Akbar Anthony, Kalia, Razia Sultan among others. But, years of family disputes took a toll on the property.
With a plan to put the land to good use, the three premium developers bought the property for a whopping Rs 200 crore. The office park would be a one-of-its kind project covering around seven million square feet with a value of Rs 21,000 crore and it is expected to be Mumbai’s largest commercial office.
The Kamalistan Studio has been renamed Nexus and by the end of 2019 development on the project would begin. While, DB Realty and Avinash Bhosale Infrastructure will have a 45 percent economic interest in the project, the rest 55 percent interest will be held by the RMZ Corp.
On the back of innovation and professionalism, in a short span of 12 years the company has significantly impacted the real estate industry in Mumbai and Pune. The company has built a strong reputation by delivering premium projects in the residential and commercial segments. Some of its completed projects include DB Woods in Goregoan and Orchid Suburbia in Khandivali comprising the best of amenities and luxuries, while many new ones are in the pipeline.
DB realty is aiming to raise the bar with the transformation of Kamalistan Studios into prime office space. According to Nabil Patel of DB Realty, one of the prime attractions of the property is its strategic location. The area, which is well-connected, is located on the Jogeshwari-Vikhroli Link Road, which is amongst the busiest roads in Mumbai.
The land is expected to become a prime real estate venture once it is completed, giving a much-needed boost to Mumbai’s office space.