Another of Mumbai’s iconic film studios bites the dust

Mahalaxmi's Famous Studio, a historic film hub, will be demolished for a high-end residential project by K Raheja Corp, marking the end of an era.

MUMBAI: Yet another slice of cinema history is set to pass into the ages. Mahalaxmi’s Famous Studio, a hub of film facilities from shooting to sound recording and mixing for the last 79 years, will soon be razed for a high-end residential project. This time, the studio owner himself is to redevelop the land along with a builder.

Mumbai, India. 30, 2025 - View of the Famous studio at Mahalaxmi west area., India. August 30, 2025. (Photo by Raju Shinde/HT Photo) (Raju Shinde)

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 finalised. 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 favour of having a vestibule connectivity with the nearest metro station. A Memorandum of Understanding between the two entities, therefore, 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 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. 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 4,33,538.55 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.