K Raheja Corp Set to Acquire Iconic Famous Studios in Mumbai for ₹650 Crore
K Raheja Corp is in advanced talks to acquire the 1.5-acre Famous Studios property in South Mumbai, a landmark since 1946, for ₹650 crore. The deal is structured as a joint development agreement with a potential development area of around 4 lakh sq ft.
Famous StudiosK Raheja CorpSouth Mumbai PropertyReal EstateRedevelopmentReal EstateAug 31, 2025
Realty developer K Raheja Corp is in advanced talks to acquire the 1.5-acre property. The deal is structured as a joint development agreement, involving a certain part of developed space to be shared with the current owners. Under current planning norms, the plot offers a development potential of around 4 lakh sq ft area.
The final development potential will depend on approvals from the civic authority. Property market experts emphasize the importance of these approvals, which can significantly impact the project's scope and timeline.
This is not the first time the Famous Studios land parcel has been targeted for redevelopment. In 2012, Piramal Realty had entered into a joint venture with the owners of the studio to build luxury apartments on the land. That deal, valued at around ₹350 crore, fell through within a year due to disagreements over commercial terms, challenges in converting the BMC leasehold plot from commercial to residential use, and complications in relocating existing tenants.
Over the decades, Famous Studios became a go-to venue for production houses and advertising agencies. Its sound stages hosted countless feature films, television serials, ad films, and corporate shoots. The facility adapted to changing industry needs, adding digital post-production services and expanding into events and previews. However, as demand for physical studio spaces in central Mumbai waned and land values soared, redevelopment became an increasingly attractive proposition for its owners.
Despite multiple attempts, the owners of Famous Studios have yet to find a successful redevelopment partner. K Raheja Corp's interest in the property signals a new chapter for this iconic landmark. The company's expertise in real estate development and its strong presence in the Mumbai market make it a promising candidate to bring the project to fruition.
Land transactions across India have been witnessing a sharp rise, driven by growing demand for housing, commercial, and mixed-use developments. Developers are actively pursuing outright acquisitions, joint development agreements, and joint ventures to secure prime land parcels, especially in and around top urban centres. The acquisition of Famous Studios by K Raheja Corp is a significant move in this context, reflecting the company's strategic focus on premium properties in Mumbai.
ET's email query to K Raheja Corp and messages to representatives of Famous Studios remained unanswered. However, the deal's advanced stage and the high value involved indicate a strong likelihood of its completion.
Frequently Asked Questions
What is the value of the deal for Famous Studios?
The deal for Famous Studios is valued at around ₹650 crore.
Who is acquiring the Famous Studios property?
K Raheja Corp is in advanced talks to acquire the Famous Studios property.
What is the development potential of the Famous Studios plot?
The plot offers a development potential of around 4 lakh sq ft area, subject to civic authority approvals.
Why did the previous redevelopment attempt by Piramal Realty fail?
The previous redevelopment attempt by Piramal Realty failed due to disagreements over commercial terms, challenges in converting the BMC leasehold plot from commercial to residential use, and complications in relocating existing tenants.
What is the significance of Famous Studios in Mumbai's film industry?
Famous Studios has been a hub for India's film, television, and advertising shoots since 1946, hosting countless feature films, television serials, ad films, and corporate shoots over the decades.
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