September 2, 2025: For nearly eight decades, Mahalaxmi’s Famous Studio stood as one of Mumbai’s most distinguished film production centres, echoing with the voices of actors, filmmakers and artists who shaped the course of Indian cinema. That chapter, however, is now closing. The studio is set to be demolished to make way for a luxury residential tower, underscoring the city’s rapidly evolving real estate landscape.
Founded in 1943 by J. B. Roongta, the studio was leased in perpetuity by the then Bombay Municipal Corporation and went on to host a wide range of productions, from black-and-white classics to modern OTT content. A few months after the redevelopment of Filmistan Studio in Goregaon by Arkade Developers, Famous Studio has now been acquired by K Raheja Corp, according to a report by Hindustan Times.
The Roongta family, which owns the property, has entered into a joint venture with the real estate giant for the project. Talks had reportedly been underway for more than three years before both sides reached an agreement. The joint venture is expected to be registered within weeks, with demolition work likely to begin before Christmas 2025.
Plans for the site include a 69-storey tower, with residential units beginning from the 9th floor and extending to the 66th. The apartments—primarily 3 and 4 BHKs—are expected to offer sweeping views of the Mahalaxmi Racecourse and the Arabian Sea.
The studio’s 6,505.91 sq m plot carries a permissible FSI of 1.33. After road setbacks, the balance plot area is 5,966.97 sq m, translating to a permissible built-up area of 7,936.07 sq m. However, as the site qualifies as a Transit-Oriented Development (TOD) due to its proximity to the forthcoming Metro Line 3, the total permissible built-up area rises significantly to 40,277.05 sq m.
Local brokers estimate that apartments could command upwards of ₹1 lakh per sq ft, reinforcing Mahalaxmi’s status as one of Mumbai’s prime luxury housing markets.
Source: Hindustan Times
