K Raheja Corp in Advanced Talks for ₹650 Crore Joint Development of Iconic Famous Studios Site in South Mumbai
Iconic Studio Site Poised for Residential Transformation
K Raheja Corp is in advanced talks to acquire the 1.5-acre property located on Dr. E Moses Road, overlooking the Mahalaxmi Racecourse. The legendary Famous Studios property in South Mumbai—an industry hub for film, television, and advertising since 1946—is reportedly set to change hands in a deal valued at ₹650 crore.
The structure envisioned for the transaction is a joint development agreement. Under the proposed terms, a certain part of developed space would be shared with current owners, with the plot offering a development potential of around 4 lakh sq ft area. Final development potential will hinge on approvals from local civic authorities.
Proposed Tower and Program
The redevelopment plan calls for a 69-floor luxury tower on the site. The project will have 3 and 4 BHK flats, starting from the 9th floor, with lower floors also having commercial spaces. The tower will overlook the Mahalaxmi Race Course and the Arabian Sea.
The project is expected to have good metro connectivity, with the upcoming Science Museum station nearby.
Famous Studios: Seven Decades of Production Legacy
Founded in 1943 by J.B. Roongta, it was one of India's earliest fully integrated production facilities — housing sound stages, recording studios, and post-production suites under one roof. Over its tenure, Famous Studios became a go-to venue for production houses and advertising agencies, with sound stages that hosted countless feature films, television serials, ad films and corporate shoots.
As demand for physical studio spaces in central Mumbai waned and land values soared, redevelopment became an increasingly attractive proposition for its owners.
Earlier Redevelopment Efforts
The Famous Studios site has attracted developer interest before. In 2012, Piramal Realty had entered a ₹350 crore joint venture with the owners to build luxury apartments on the site. However, that deal collapsed within a year due to commercial disagreements, regulatory hurdles in converting leasehold land use, and tenant relocation issues.
K Raheja Corp's South Mumbai Presence
K Raheja Corp has delivered 6.2 million sq ft of luxury and commercial projects within a radius of 2 kilometre area of upmarket Worli and Mahalaxmi area, including Vivarea and Artesia. After Vivarea and Modern Vivarea, the redevelopment project of Famous Studios will be the third massive project of K Raheja Corp in Mahalaxmi.
Founded in 1956 by Chandru Raheja, K Raheja Corp was formed after a split between Raheja brothers as a separate group. The group operates its commercial business under the brands Mindspace and Commerzone with projects in Mumbai, Hyderabad, Pune and Chennai. As of 2017, K Raheja Corp had 20 million square feet of office space, making it the second largest commercial developer in the country.
The developer is prioritizing the aggressive growth of its residential property business, with 30-40 projects underway in Mumbai and Pune across premium, luxury, and ultra-luxury segments.