K Raheja to Redevelop Mumbai's Iconic Famous Studios for ₹650 Crore
Famous Studios, a landmark property in South Mumbai that has been a hub for India's film, television, and advertising shoots since 1946, is set to change hands through a transaction valued at around ₹650 crore, as K Raheja Corp finalizes a joint development pact.
Famous StudiosK Raheja CorpSouth Mumbai PropertyReal Estate DevelopmentJoint Development PactReal Estate MumbaiAug 30, 2025
Realty developer K Raheja Corp is in advanced talks to acquire the 1.5-acre property, located on Dr E Moses Road overlooking the Mahalaxmi Racecourse. This landmark address has hosted generations of Bollywood and advertising professionals.
“The company is set to conclude the deal structured as a joint development pact for the consideration 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,” said one of the persons mentioned above.
The final development potential, according to property market experts, will depend on approvals from the civic authority. 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 amid 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. Yet, as demand for physical studio spaces in central Mumbai waned and land values soared, redevelopment became an increasingly attractive proposition for its owners.
ET's email query to K Raheja Corp and messages to representatives of Famous Studios remained unanswered. 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.
Frequently Asked Questions
What is the value of the transaction for Famous Studios?
The transaction for Famous Studios is valued at around ₹650 crore.
Who is the developer acquiring Famous Studios?
K Raheja Corp is the developer acquiring Famous Studios.
What is the size of the property being acquired?
The property being acquired is 1.5 acres, located on Dr E Moses Road in South Mumbai.
What is the development potential of the plot?
The plot offers a development potential of around 4 lakh sq ft area, subject to civic authority approvals.
Why did the previous redevelopment deal with Piramal Realty fail?
The previous redevelopment deal with 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.
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