Mumbai real estate update: In 2025, iconic studios like Filmistan and Famous Studios gave way to luxury housing projects, redefining Mumbai’s cinematic legacy

Bollywood’s real estate landscape underwent a significant shift in 2025, as several iconic film studios began giving way to luxury housing projects, marking the end of an era for some of Mumbai’s most storied creative spaces. Among them is Goregaon’s historic Filmistan Studio, founded by actor Kajol’s grandfather and once a powerhouse of Hindi cinema. Filmistan produced landmark films in the 1940s and 1950s, including Shaheed (1948), Shabnam (1949), Sargam (1950), Anarkali (1953) and Nagin (1954), as well as celebrated titles such as Jagriti (1954), Munimji (1955), Tumsa Nahin Dekha (1957) and Paying Guest (1957).Another chapter of cinematic history closed at Mahalaxmi’s Famous Studios. Established in 1946 and known for hosting shoots of classics such as Seeta aur Geeta, the nearly 80-year-old hub for filming, sound recording and mixing is also set to make way for a high-end residential project. In this instance, the studio’s owner is partnering with a real estate developer to redevelop the land.

Together, these projects highlight how Mumbai’s cinematic legacy is increasingly being reshaped by the city’s booming luxury real estate market. Industry observers say the Filmistan deal, along with the earlier sale of RK Studios and the redevelopment of Famous Studios, points to a clear trend: legacy film estates on prime land are being repurposed for luxury housing.“These plots sit in high-value locations where low-rise studio sheds no longer make economic sense. Developers can unlock far greater value through high-rise premium homes, and demand for luxury projects in these corridors remains strong,” Vivek Rathi, National Director, Research, Knight Frank India, real estate consultancy, said.

Filmistan Studio, spread across 4 acres of land, was founded by Kajol's grandfather, Sasadhar Mukherjee, in 1943. In July 2025, Arkade Developers announced plans to launch a luxury apartment project on the site.The company plans an ultra-luxury residential development featuring spacious 3-, 4-, and 5-BHK residences, along with exclusive penthouses, across two high-rise towers of 50 storeys each.

The site will have a 69-storey tower in place of the existing low-rise film studio. According to the plan, the project will have residential units from the 9th floor up to the 66th, offering 3 BHK and 4 BHK apartments. Each floor is expected to have two apartments and will offer views of the Mahalaxmi Race Course and the Arabian Sea, according to a report by Hindustan Times.

Godrej Properties has since developed a premium mixed-use project on the site, named Godrej RKS. The development features luxury ‘Collector’s Edition’ three- and four-bedroom residences. Its architecture draws inspiration from Bombay Art Deco, paying tribute to the legacy and cultural significance of the original RK Studios.