Kamalistan Studio Land at JVLR to be Developed as an Office Project by CPP Investments and RMZ Corp of Bangalore

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Kamalistan Studio to ve developed by CPP Investments and RMZ Corp of Bangalore

Mumbai

The Canada Pension Plan Investment Board (CPP Investments) has entered into an agreement with real estate developer RMZ Corp to develop a commercial project on a 15-acre piece of land at JVLR in Mumbai where the renowned Kamalistan Studio currently exists, according to individuals with direct knowledge of the development.

Kamalistan Studio, founded in 1958 by filmmaker Kamal Arohi, is renowned for blockbuster Bollywood films such as Pakeezah, Razia Sultan, and Amar Akbar Anthony. It is located in the western Mumbai suburb of Jogeshwari.

Bengaluru-based RMZ and CPP Investments announced the formation of a joint venture to develop and hold commercial office space in India's major cities in March 2022.

This was RMZ and CPPIB's second joint venture, the first having been established in 2021 to develop and manage approximately 10 million square feet of grade A commercial office space in Hyderabad and Chennai.

The proposed commercial development will have 4.89 million square feet of commercial space across eight office structures.

CPP Investments will invest a total of 2,650 crores in the joint venture to support the development and acquisition of enterprises throughout India.

The Kamalistan redevelopment project will be carried out through a joint platform in which RMZ will serve as the development partner. The proposed project will have a total of 4,890,000 square feet of commercial space across eight office structures, according to one of the aforementioned individuals.

A few years ago, Kamalistan's production company Mahal Pictures reached an agreement with RMZ Group to sell and develop a portion of this land along the Jogeshwari-Vikhroli Link Road (JVLR) into one of the world's largest corporate office parks. 

RMZ was expected to retain a 55% stake in the property, while Mumbai-based DB Realty and a Pune-based developer, both of whom held stakes in Mahal Pictures, would hold the remaining stake. However, DB Realty relinquished its share of the company a few years ago. RMZ and CPP Investments are now significant project stakeholders.