Mumbai’s Historic Film Studio to Make Way for Luxury High-Rise
Mahalaxmi’s Famous Studio, a 79-year-old icon of the Indian film industry, is set to be demolished to make way for a high-end residential project by K Raheja Corp. This marks the end of an era for Mumbai’s film history.
MumbaiFilm StudioK Raheja CorpReal EstateRedevelopmentReal Estate MumbaiAug 31, 2025
In the last decade, several prominent builders such as Piramal Realty, Godrej Properties, D B Realty (now Valor Estate), Prestige, and K Raheja Corp had shown interest in the land but none were finalized. Industry sources said that K Raheja Corp Real Estate is now very close to clinching the redevelopment deal.
The company’s directors, Arunkumar Roongta and Chandralekha Roongta, have moved an application to the BMC for the development of the property, a copy of which is with HT. Additionally, the Mumbai Metro Rail Corporation (MMRC), operator of the city’s underground metro line, in a letter issued in August 2024, confirmed that (when built), the residential project would fall in the 500-metre buffer zone of the Science Museum Metro Station. HT has a copy of the letter.
In fact, this July, in a communication between MMRC and Famous Studio, a feasibility study was in favor of having a vestibule connectivity with the nearest metro station. A Memorandum of Understanding between the two entities may be inked soon.
An application has been made for IOD (Intimation of Disapproval). The plot area of the studio is 6,505.91 square meters with a permissible FSI of 1.33. After deducting the road setback line, the balance plot area stands at 5,966.97 sq m, hence the permissible built-up area is 7,936.07 sq m. The other permissible FSI is a premium FSI of 0.83, TDR of 0.84, and FSI against the road setback of 2.50. As this plot falls under Transit-Oriented Development, the maximum permissible FSI stands at 5, above which a 35% fungible area is also allowed. Therefore, the total permissible built-up area stands at 40,277.05 sq m or 433,538.55 sq ft on a plot that is 70,029.03 sq ft.
As per the plans submitted to the BMC and the Mumbai fire department, the project is a mixed-use one; however, the commercial portion is miniscule (4,357.44 sq ft) while the balance area will comprise residential apartments. The plan accessed by HT shows a high-rise of 69 floors.
The apartments will begin from the 9th floor onwards and end at the 66th floor. A combination of 3- and 4-BHKs with a multipurpose room are likely to come up. Each floor will have two such apartments with commanding views of the Mahalaxmi Race Course and Arabian Sea.
The land, on which the 79-year-old studio stands, was leased out in perpetuity from June 2, 1943, by the then Bombay Municipal Corporation to studio founder J B Roongta. Hindustan Times could not reach out to Famous Studios, and K Raheja Corp did not respond to an email query. However, market sources confirmed that a joint venture deal had been worked out between the two entities.
“The discussions were on for almost three years and fell through twice. It was only in the last six months that there was a positive outcome,” said a source. While the contours of the deal are not immediately available, registration of the agreement papers will reportedly be done over the next few weeks, and the studio is likely to be razed prior to Christmas.
For K Raheja Corp, this is the third such project in Mahalaxmi after Vivarea and Modern Vivarea. The micro market of Mahalaxmi has been hugely transformed of late with several high-end skyscraper apartments next to each other. A few more projects in the vicinity are in the pipeline, especially along Dr Elijah Moses Road, where Famous Studio currently stands.
Earlier this year, Hindustan Times reported on Goregaon’s landmark Filmistan Studio scheduled to be demolished around the same time this year to make room for two 50-storey buildings of ultra-luxurious apartments by Arkade Developers. The builder bought the rights by paying ₹348 crore.
Frequently Asked Questions
What is the historical significance of Famous Studio in Mumbai?
Famous Studio, located in Mahalaxmi, Mumbai, has been a hub for film production for 79 years. It provided facilities for shooting, sound recording, and mixing, making it a vital part of Mumbai's film industry history.
Which company is developing the new residential project on the Famous Studio land?
K Raheja Corp Real Estate is developing the high-end residential project on the land where Famous Studio currently stands.
What are the key features of the new residential project?
The new project will be a 69-floor high-rise with a mix of 3- and 4-BHK apartments, each with a multipurpose room. The apartments will offer views of the Mahalaxmi Race Course and the Arabian Sea.
When is the demolition of Famous Studio expected to begin?
The studio is likely to be razed prior to Christmas, according to market sources.
What other redevelopment projects has K Raheja Corp undertaken in the Mahalaxmi area?
K Raheja Corp has previously developed two other projects in Mahalaxmi: Vivarea and Modern Vivarea.
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