LandWise
For over 79 years, Famous Studios in Mahalaxmi has been a cornerstone of Mumbai’s film and advertising industry. Founded in 1943 by J.B. Roongta, it was one of India’s earliest fully integrated production facilities — housing sound stages, recording studios, and post-production suites under one roof. Generations of filmmakers and technicians have walked its corridors, shaping the evolution of Indian cinema.
But now, this iconic landmark is preparing for its final curtain call. The studio is set to be razed to make way for a 69-storey luxury residential tower, being developed by K Raheja Corp Real Estate, with views of the Mahalaxmi Racecourse and the Arabian Sea.
While the cultural significance is undeniable, what makes this story even more compelling for developers is the feasibility math that underpins such a project.
Project Snapshot
- Location: Dr. E Moses Road, Mahalaxmi (South Mumbai)
- Plot Area: 6,505.91 sq.m (~1.6 acres)
- Net Plot Area after setback: 5,966.97 sq.m
- Abutting Road Width: 30.48 m (eligible for higher FSI) as per DP
- Zone: Residential
- Lease Status: Leasehold land (since 1943, perpetual lease)
- Market Pricing (assumed):
- Residential: ₹65,000/sq.ft
- Commercial: ₹1,20,000/sq.ft (but only ~4,300 sq.ft in plan)
- Planned Development: 69-storey tower with 3BHKs, 4BHKs, and penthouses (residential dominant, negligible commercial use).
Applicable DCPR 2034 Schemes
Based on the DP sheet and zoning, the following regulations are applicable:
1. Regulation 30(A): Base FSI
- Base FSI (City): 1.33
- With 30.48 m road width: Maximum permissible FSI = 3.0
- Fungible: +20% (sale) / +35% (rehab)
- Effective FSI range: 3.6 – 4.05
2. Regulation 33(23): Transit-Oriented Development (TOD)
- As per TOD policy, sites within 500m of a metro station can avail up to FSI 5.0, plus fungible.
- Famous Studios qualifies due to proximity to Science Museum Metro Station.
- Preferred scheme = 30(A) + 33(23)
3. Regulation 33(4): Building of Residential Hotels on independent plot
- Not applicable here (privately owned leasehold plot, also residential zone).
4. Regulation 33(11): Slum Redevelopment
- FSI up to 4.0 for SRA projects. Not applicable — this is not a slum.
5. Regulation 33(19): Commercial Redevelopment
- FSI up to 5.0 for commercial corridors.
- Not preferred since project is overwhelmingly residential.
6. Regulation 33(20B): Affordable Housing / Rental Housing
- FSI up to 4.0. Can be combined with 30(A).
- Again, unlikely here given premium positioning (already declared).
You can view detailed scheme comparison here
👉 Most viable scheme: 30(A) with TOD benefits under 33(23)
This gives the developer maximum FSI leverage (5.0 + fungible), while keeping the project premium-residential in nature.
FSI & Area Statement (LandWise Simulation)
As per LandWise’s FSI Statement:
- Base FSI (30A): 7,936.07 sq.m (85,391 sq.ft)
- Premium FSI (0.83): 5012.25 sq.m (53,932 sq.ft)
- TDR (0.84): 4952.59 sq.m (53,290 sq.ft)
- Road setback FSI (2.5): 1347.35 sq.m (14,494 sq.ft)
- TOD FSI (33(23)): 10586.59 sq.m (1,13,912 sq.ft)
- Fungible: +35% = 10,479.24 sq.m (1,12,757 sq.ft)
➡️ Total Permissible Built-Up Area = 40,277.05 sq.m (~4,33,542 sq.ft)
You can check detailed FSI Statement here
This aligns with the developer’s submission to BMC and explains the logic behind a 69-storey tower on the site.
Financial Feasibility (LandWise Summary)
Assumptions:
- Sale Rate (Residential): ₹65,000/sq.ft
- Sale Rate (Commercial): ₹1,20,000/sq.ft
- Saleable area ~3,86,000 sq.ft (residential dominant)
Revenue
- Residential: ~₹2,500 crore (excludes parking)
- Commercial (4,357.44 sq.ft): ~₹52 crore
- Total Revenue = ~₹2,564 crore
Costs (est. based on sensitivity analysis)
- Construction (premium, high-rise): = ~₹600crore
- Approvals, premiums, TDR, TOD charges: ~₹347 crore
- Finance, Marketing, Sales costs &other overheads: ~₹240 crore
- Land costs: = ~₹730crore
➡️ Total Cost = ~₹1,910 crore
Profitability
- Net Profit = ~₹700 crore
- Net Margin ≈ 27%
View here compiled report generated by LandWise including approval costs summary for one of the sample project.
Why Developers Should Pay Attention
- TOD unlocks massive FSI – Without 33(23), this project wouldn’t be a 69-storey tower.
- Leasehold to luxury – Despite being a leasehold property, the perpetual nature allowed smooth structuring with BMC.
- Micro-market fit – Mahalaxmi has already seen Vivarea, Modern Vivarea, Piramal Mahalaxmi. A luxury tower with Racecourse views is instantly marketable.
- Cultural trade-off – Heritage creative spaces are making way for skyscrapers — a recurring theme in Mumbai real estate.
Closing Thoughts
The redevelopment of Famous Studios highlights the critical role of feasibility analysis in real estate. The project only works because of TOD benefits under 33(23), pushing FSI to 5.0 + fungible. At sale rates of upwards of ₹65,000/sq.ft, the economics become viable, generating margins north of 25%.
For developers, the key lesson is simple:
Before striking a deal, run the land through multiple regulatory scenarios in minutes.
On high-value plots like Mahalaxmi, a difference of 1.0 FSI can change project profitability by hundreds of crores.
That’s exactly what LandWise enables — in minutes you can generate an FSI Statement, Regulation Summary, Scheme Comparison, Approval costs and Financial Summary to test whether a project is worth pursuing for further deep dive in financial feasibility check.
As Mumbai keeps trading its historic landmarks for high-rises, the winners will be developers who use data-backed feasibility to separate profitable projects from risky ones.
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