Mumbai: Bollywood's octogenarian star Dev Anand has rubbished reports that he has sold his recording studio here to a builder for Rs.500 million.

"It's absolute rubbish," Dev Anand, who returned from London Sunday night, told IANS.

He said many builders have been eyeing Anand Recording Studio for the last 20 years because it is situated in a prime locality.

"If I want to develop the property, why should I hand it over to a builder? I will do it myself. But I have no such plans," he said categorically, setting at rest the rumour that spread in the industry during his absence.

Dev Anand had set up the studio on Zigzag Road in Pali Hill, Mumbai in 1986 and ever since it has been his work place and the registered office of his banner, Navketan.

The 85-year-old actor is currently busy with his next film "Chargesheet".