New Launch
K Raheja to Redevelop Famous Studios Mahalaxmi into 69-Story Luxury Tower
K Raheja Corp has entered a joint development agreement to redevelop Famous Studios in Mahalaxmi—a 1.5-acre landmark studio site—into a 69-storey luxury residential tower. The deal, valued at ₹650 crore, marks the end of nearly 80 years of cinema history on the plot and signals a major land-use shift in South Mumbai's premium address.
| Deal Value | ₹650 crore (joint development pact) |
|---|---|
| Plot Size | 1.5 acres (6,505.91 sq m) |
| Developer | K Raheja Corp (partnered with Roongta family, original owners) |
| Tower Height | 69 storeys |
| Product Mix | 3 BHK and 4 BHK apartments (9th to 66th floor); 2 units per floor; commercial space on lower floors |
| Price Band | ₹1 lakh per sq ft and above (estimated by market analysts) |
| Development Potential | Approximately 4 lakh sq ft (eligible for TOD FSI benefits via Metro Line 3 proximity) |
| Demolition Timeline | Expected to begin before December 2025 |
| Project Status | Upcoming (JDA executed; RERA registration pending) |
Project Overview
K Raheja Corp is acquiring the 1.5-acre Famous Studios property on Dr. E Moses Road, overlooking Mahalaxmi Racecourse. The Roongta family, original owners, partnered with K Raheja Corp after three years of negotiations, with joint venture registration set to occur within weeks and demolition likely to begin before Christmas 2025.
The plan includes a 69-floor luxury tower with 3 and 4 BHK flats starting from the 9th floor, with commercial spaces on lower floors. Residential units will occupy floors 9 to 66, with just two apartments per floor, offering views of Mahalaxmi Racecourse and the Arabian Sea.
Pricing & Configuration
Market analysts suggest luxury apartments could be priced at upwards of ₹1 lakh per sq ft, making the redevelopment one of the most expensive real estate projects in the city. 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.
Proximity to the Science Museum Metro Station on Line 3 qualifies it for a higher Floor Space Index (FSI), maximising buildable space.
Location & Infrastructure Context
Mahalaxmi is South Mumbai's established luxury residential enclave with direct access to coastal views and premium civic amenities. The Aqua Line 3 (Mumbai Metro) extension to Cuffe Parade was inaugurated on 9 October 2025, with Mahalaxmi metro station opening to public on 9 October 2025. This underground metro connectivity enhances the location's appeal for high-net-worth buyers seeking office-commute efficiency.
For K Raheja Corp, this marks its third major residential project in Mahalaxmi, after the successful Vivarea and Modern Vivarea developments.
Development History & Previous Attempts
Established in 1943 by JB Roongta, Famous Studios became a creative hub for filmmakers, actors, and artists, producing countless classics across eras. In 2012, Piramal Realty was in talks for a Rs 3.5 billion deal, which ultimately fell through due to issues around leasehold conversion, tenant relocation, and commercial disagreements. The current redevelopment represents a fresh attempt to unlock the property's real estate potential after a 13-year interval.
Deal Structure & Regulatory Status
The deal is being structured as a joint development agreement, under which a portion of the developed space will be shared with the current owners. Development potential is subject to approvals from civic authorities. As of September 2026, the project remains in pre-launch status with no RERA registration yet filed.
Frequently asked questions
What is the actual built-up area and total development potential?
The plot covers 6,505.91 sq m (1.5 acres) with a permissible built-up area of over 40,000 sq m (approximately 4.3 lakh sq ft) under current TOD norms and FSI benefits from Metro Line 3 proximity. Final approvals are pending with the Brihanmumbai Municipal Corporation (BMC).
When will RERA registration happen and when can pre-bookings open?
RERA registration has not been filed as of September 2026. Typically, projects register 6–12 weeks after JDA closure. Exact pre-booking windows will be announced post-RERA approval; registration is required before official launches can commence.
Why was the 2012 Piramal deal abandoned?
The 2012 agreement fell through due to leasehold-to-freehold land-use conversion delays, tenant relocation disputes, and commercial disagreements between parties. The K Raheja deal's structure (joint development pact with space-sharing) aims to simplify these complexities.
What is the possession timeline?
Demolition is expected to begin before December 2025. Given a 69-storey tower's typical construction cycle (5–6 years), possession for early phases would likely be 2030–2031, though final timelines will be disclosed in the RERA statement and pre-booking materials.
How does Metro Line 3 proximity benefit this project?
Mahalaxmi metro station on Line 3 is now operational and provides connectivity to the Western suburban railway and the Mumbai Monorail. TOD provisions allow enhanced FSI, reducing per-unit development costs and improving investor appeal for office-commuters.
Will there be any commercial or retail component?
While the project is officially mixed-use, the commercial component is minimal, measuring just over 4,300 sq ft, positioned on the lower floors. The primary focus is luxury residential.