K RAHEJA FAMOUS STUDIOS REDEVELOPMENT — New Project Coming Up in Mahalaxmi, Mumbai
Landmark Film Studio Transitions to Luxury Residential
K Raheja Corp is acquiring the iconic Famous Studios property in South Mumbai for a 1.5-acre plot located on Dr. E Moses Road overlooking the Mahalaxmi Racecourse. Established in 1946, Famous Studios has been a landmark for Bollywood film, television, and advertising shoots, and the studio has modernised its offerings by incorporating digital post-production and event spaces over the decades.
The acquisition is structured as a joint development agreement, with a portion of developed space to be shared with the current owners. The Roongta family, original owners of the studio, have partnered with K Raheja Corp after nearly three years of negotiations, with the joint venture set to be registered within weeks and demolition likely to begin before Christmas 2025.
Development Scope and Tower Design
The redevelopment plan envisions a 69-storey luxury tower, with each floor having just two apartments offering sweeping views of Mahalaxmi Racecourse and the Arabian Sea. The project will have 3 and 4 BHK flats, starting from the 9th floor, with lower floors containing some commercial spaces.
The project sits on a 6,505.91 sq m plot with a permissible built-up area of over 40,000 sq m, thanks to Transit-Oriented Development (TOD) provisions, as its proximity to the Science Museum Metro Station on Line 3 qualifies it for a higher Floor Space Index (FSI), maximising buildable space. While the project is officially mixed-use, the commercial component is minimal at just over 4,300 sq ft, with the lion's share of development being residential.
Connectivity and Infrastructure
The redevelopment plan takes into account connectivity with the Mumbai Metro, with the upcoming tower expected to fall within 500 metres of the Science Museum Metro Station, and feasibility studies exploring a direct vestibule link between the two.
K Raheja Corp's Presence in Mahalaxmi
For K Raheja Corp, this marks its third major residential project in Mahalaxmi, after the successful Vivarea and Modern Vivarea developments. Founded in 1956 by Chandru Lalchand Raheja, K Raheja Corp is a property developer with interests in commercial and residential projects, malls and hospitality across multiple cities, and is the second largest commercial developer in India.
Historic Significance and Urban Renewal
The soaring value of South Mumbai real estate has shifted focus towards redevelopment, and this is not the first attempt to redevelop the site—in 2012, Piramal Realty was in talks for a redevelopment deal which ultimately fell through due to issues around leasehold conversion, tenant relocation, and commercial disagreements. This latest venture marks a significant urban renewal milestone in one of Mumbai's most valuable precincts.