Filmistan Studio Goregaon West Sold for ₹348 Cr: Arkade Developers Plans 400 Ultra-Luxury Apartments

Arkade Developers has successfully acquired the rights to the iconic Filmistan Studio in Goregaon West, marking a significant milestone in Mumbai's real estate transformation. The comprehensive deal, valued at ₹348 crore, includes both the studio rights and the four-acre land parcel, setting the stage for an ambitious ultra-luxury residential development.

Studio Rights Transfer Finalizes Historic Deal

The developer confirmed that the studio rights transfer was finalized on Thursday for ₹183 crore, completing the acquisition from the Jalan family. The ownership had previously passed down from filmmaker Sasadhar Mukherjee, who originally established the studio in 1943, to Tolaram Jalan, a Kolkata-based film financier. Industry sources indicate that the new development will retain the historic "Filmistan" name as part of its identity.

Comprehensive Land Acquisition Strategy

Earlier in January, Arkade Developers had entered into an agreement with Aspen Properties and its joint venture partner, Kamanwala Housing Construction, to acquire the four-acre land parcel for ₹165 crore. This strategic approach, following similar luxury real estate trends in Mumbai, demonstrates the developer's commitment to comprehensive site control.

Premium Residential Development Plans

The project will feature approximately 400 ultra-luxury apartments spread across 8 lakh square feet of construction area. Each 3BHK unit will span at least 1,500 square feet, with pricing expected at ₹40,000 per square foot. The total estimated revenue from the project stands at ₹3,200 crore, positioning it among Mumbai's premier luxury housing projects.

Regulatory Approval Timeline

Amit Jain, Chairman and Managing Director of Arkade Developers, stated that approval applications would be submitted to the Brihanmumbai Municipal Corporation shortly. The company anticipates receiving final permissions by the end of the year, with the luxury residences expected to launch in early 2026. This timeline aligns with other major developments in Goregaon.

Studio's Cinematic Legacy

Filmistan Studio holds an irreplaceable position in Bollywood's history, having been the backdrop for numerous iconic films. The studio witnessed the creation of classics such as "Paying Guest" (1957), "Nastik" (1954), and "Anarkali" (1953), along with more recent productions like "2 States" (2014). The facility also served as the launching pad for celebrated writer Saadat Hasan Manto's career, cementing its cultural significance.

Transformation of Mumbai's Western Suburbs

The redevelopment represents the broader transformation occurring in Mumbai's western suburbs, where historic properties are being reimagined for contemporary luxury living. The studio's closure marks the end of an era, but the preservation of its name ensures that the Filmistan legacy will continue as part of the new residential development.

Market Impact and Industry Trends

This acquisition reflects the growing trend of premium residential developments in Mumbai, where developers are increasingly targeting ultra-luxury segments. The project's scale and positioning demonstrate confidence in Mumbai's high-end real estate market, particularly in established locations like Goregaon West.

The demolition of the historic studio is scheduled for completion by December, making way for the construction of what promises to be one of Mumbai's most significant luxury residential developments. While the physical structure will disappear, the Filmistan name will live on, bridging the gap between Mumbai's cinematic heritage and its residential future.

Disclaimer: This news article is based on information available as of the publishing date and is subject to further developments. All project details, figures, and timelines are estimates provided by Arkade Developers and are subject to change based on regulatory approvals and market conditions.