Famous Studios, a landmark in South Mumbai renowned for film, television, and advertising shoots since 1946, is on the verge of a change in ownership with a transaction valued at approximately ₹650 crore, according to sources familiar with the matter.
Real estate developer K Raheja Corp is in advanced negotiations to purchase the 1.5-acre site located on Dr E Moses Road, which overlooks the Mahalaxmi Racecourse and has hosted numerous generations of Bollywood and advertising luminaries.
“The company is expected to finalize the deal as a joint development agreement, involving the sharing of developed space with the current owners. The plot has a planning potential of roughly 4 lakh sq ft,” stated one insider.
The ultimate development potential will rely on approvals from local civic authorities, as noted by property market experts.
This isn’t the first redevelopment attempt for the Famous Studios land. In 2012, Piramal Realty entered a joint venture with the studio’s owners to construct luxury apartments on the site.
That deal, estimated at ₹350 crore, collapsed within a year due to disputes over commercial terms, complications in changing the BMC leasehold plot from commercial to residential usage, and issues in relocating current tenants.
Over the years, Famous Studios has become a popular destination for production houses and ad agencies, hosting numerous films, TV shows, advertisements, and corporate shoots. The facility has also evolved with the industry by adding digital post-production services and expanding into events.
However, as the demand for physical studio spaces in central Mumbai lessened and land prices increased, redevelopment became a more appealing option for the owners.
RealtyDailyNews’s inquiries to K Raheja Corp and representatives of Famous Studios went unanswered.
Land transactions in India are experiencing a surge due to rising demand for housing, commercial, and mixed-use developments. Developers are actively seeking outright acquisitions, joint development agreements, and joint ventures to secure valuable land parcels, particularly in major urban centers.
