K Raheja Corp Teams with Roongta Family for ₹650 Cr Historic Mahalaxmi Studio-to-Skyscraper Transformation

A joint venture between K Raheja Corp and the Roongta family has announced plans to transform Mumbai's historic Famous Studio in Mahalaxmi into a towering 69-storey luxury residential development. The ambitious redevelopment project is estimated to be worth approximately ₹650 crore and will mark the end of nearly eight decades of cinematic legacy at the iconic South Mumbai location.

Multi-Year Negotiations Culminate in Historic Partnership

Sources close to the development revealed that the Roongta family has entered into a strategic alliance with K Raheja Corp following extensive negotiations spanning multiple years. The collaboration is expected to formalize through a joint venture registration in the coming weeks, with demolition activities scheduled to commence before Christmas 2025.

The Famous Studio, which has served as a cornerstone for film, sound, and advertising production in South Mumbai since the 1940s, will give way to what developers describe as a modern ultra-luxury residential landmark. The studio's legacy spanning 79-82 years represents one of Mumbai's longest-standing cinematic institutions.

Development Specifications and Project Scope

The redevelopment will utilize approximately 6,505.91 square meters (70,029 square feet) of plot area. After accounting for mandatory road-setback adjustments, the usable development area reduces to approximately 5,966.97 square meters, according to project documentation.

With a Floor Space Index (FSI) of 1.33, the total built-up area will span nearly 40,277 square meters (433,538.55 square feet). The development includes a minimal commercial component of approximately 4,357 square feet, which will be positioned at street-facing, lower levels of the structure.

Residential Configuration and Amenities

The planned 69-storey tower will feature residential units from the 9th to the 66th floor, with each floor accommodating two spacious 3-BHK or 4-BHK apartments. Residents will enjoy panoramic views of the Mahalaxmi Race Course and the Arabian Sea, positioning the development as one of Mumbai's top luxury penthouses destinations.

The location offers significant advantages, including direct overlooking access to the racetrack and proximity to the upcoming Science Museum Metro station. This strategic positioning could potentially enable direct connectivity from the building to Mumbai's expanding transit network, similar to other metro connectivity projects across Mumbai.

Strategic Expansion for K Raheja Corp

The Mahalaxmi project represents K Raheja Corp's third marquee development in the area, following their successful Vivarea and Modern Vivarea projects. This expansion reinforces the developer's growing presence in South Mumbai's competitive luxury housing segment, where demand continues to surge among high-net-worth individuals.

Industry analysts suggest this development aligns with broader trends in India's ultra-luxury real estate market, where developers are increasingly focusing on premium offerings in prime locations.

Broader Implications for Mumbai's Urban Landscape

Urban Redevelopment Momentum

The project exemplifies Mumbai's accelerating trend toward redeveloping centrally located, historically significant properties into ultra-luxury residential towers. This pattern reflects the city's ongoing evolution as developers seek to maximize land utilization in premium locations.

Skyline Transformation

The 69-storey structure will significantly contribute to Mahalaxmi's evolving skyline, adding a prominent vertical presence to an area already experiencing substantial real estate development activity. The tower's height and positioning will make it a notable landmark in South Mumbai's architectural landscape.

Cultural Heritage and Modern Development Balance

While the redevelopment signals the end of Famous Studio's cinematic heritage, developers emphasized their commitment to ensuring the studio's historical significance remains part of Mumbai's cultural memory. The project represents what industry observers describe as a synthesis of legacy preservation and luxury development.

Transit-Oriented Development Strategy

The integration of transit connectivity and commanding views aligns with contemporary sustainable urban living principles. The project's proximity to metro infrastructure demonstrates the developer's commitment to modern, well-connected residential offerings in line with Mumbai's infrastructure transformation initiatives.

The redevelopment marks both the conclusion of a significant chapter in Mumbai's film industry history and the beginning of an ambitious new phase in South Mumbai's real estate narrative. As the city continues to balance heritage preservation with modern development needs, projects like this demonstrate the complex dynamics shaping Mumbai's urban future.