Transforming Mahalaxmi's Iconic Studio: K Raheja Corp's Luxury Housing Project
Discover six key points about the redevelopment of Mahalaxmi’s Famous Studio into a luxury residential project by K Raheja Corp, reshaping Mumbai’s real estate market.
Mumbai Real EstateK Raheja CorpFamous StudioLuxury ApartmentsRedevelopmentReal Estate NewsSep 02, 2025
Here are six things to know about the studio’s transformation into a luxury apartment project in the Mumbai real estate market by K Raheja Corp.
1. All About Famous Studio
Established in 1943 by J. B. Roongta, Famous Studio was leased in perpetuity by the then Bombay Municipal Corporation and went on to host countless productions across decades. The studio has witnessed the changing face of Indian cinema, from black-and-white classics to OTT. A few months after Filmistan Studio in Goregaon was acquired by Arkade Developers, the Famous Studio is now in the news for being acquired by K Raheja Corp, a report by Hindustan Times said.
2. Partnership with K Raheja
The studio’s owners, the Roongta family, have partnered with leading real estate developer K Raheja Corp to transform the project into a luxury development. According to a Hindustan Times report, negotiations have been in progress for over three years, but only recently did both sides finalise terms. The joint venture is set to be registered within weeks, and demolition could begin before Christmas 2025, marking a major milestone for Mahalaxmi’s real estate market.
3. High-rise Building to Replace the Heritage Studio
The site will soon host a 69-storey tower in place of a low-rise film studio. According to the plan, the project will have residential units from the 9th floor up to the 66th, offering 3 BHK and 4 BHK apartments. Each floor is expected to have two apartments per floor and will have Mahalaxmi Race Course and Arabian Sea views.
4. Project Details
The studio's plot area is 6,505.91 square metres, 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. According to the Hindustan Times report, the total permissible built-up area stands at 40,277.05 sq m or 4,33,538.55 sq ft on a plot that is 70,029.03 sq ft. 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.
5. Transit-Oriented Development (TOD)
The redevelopment qualifies as a Transit-Oriented Development (TOD) project since it lies within 500 meters of the Science Museum Metro Station of the Mumbai Metro Line 3. This allows for a higher Floor Space Index (FSI), translating into a massive 40,000+ square meters of buildable space, according to the report.
6. Pricing of the Project
Local brokers estimate that luxury apartments on the plot, offering views of Mahalaxmi Race Course and the Arabian Sea, could fetch K Raheja Corp over ₹1 lakh per sq ft. This will mark the developer’s third project in Mahalaxmi, following Vivarea and Modern Vivarea.
Frequently Asked Questions
What is the history of Famous Studio?
Famous Studio was established in 1943 by J. B. Roongta and has been a significant hub for Indian cinema, hosting numerous productions over the decades.
Who is partnering with K Raheja Corp for the redevelopment?
The Roongta family, the owners of Famous Studio, has partnered with K Raheja Corp for the redevelopment into a luxury residential project.
What will the new project include?
The new project will feature a 69-storey tower with residential units from the 9th floor to the 66th, offering 3 BHK and 4 BHK apartments with views of Mahalaxmi Race Course and the Arabian Sea.
What is the permissible built-up area for the project?
The total permissible built-up area for the project stands at 40,277.05 sq m or 4,33,538.55 sq ft on a plot that is 70,029.03 sq ft.
What is the estimated price per square foot for the luxury apartments?
Local brokers estimate that the luxury apartments could fetch over ₹1 lakh per sq ft due to their prime location and views.
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