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Filmistan studios one of Mumbais most earliest and renowned studios has officially been sold for a staggering sum of Rs 183 crore. The property is now acquired by Arkade Developers with the transaction deal officially been registered on July 3 2025. Who founded Filmistan studios and what was it for? Filmistan was founded in 1943 by Kajol and Rani Mukerji’s grandfather Sasadhar Mukherjee alongside his brother-in-law late actor Ashok Kumar Gyan Mukherjee and Rai Bahadur Chunilal. Back then it became the base for film shoots and productions in replacement to Bombay Talkies. It wasnt just a rental place but also hired employees on monthly salaries to work in a full-fledged production house. Known for large outdoor sets sound stages it became a backdrop for numerous Hindi films advertisements and TV shows. What changes the new owners have in store for Filmistan studios? However in recent years Filmistan has lost its sheen due to tech-savvy advanced studios emerging across the city. According to reports Arkade Developers Limited plans to transform the place into a ultra-luxury residential area having a gross development value of Rs 3000 crore. The new development will reportedly include 3 4 and 5 BHK residences along with high-rise penthouses across two 50-storey towers. The chairman and managing director of Arkade Developers Amit Jain confirmed the news on his Linked Profile and wrote Thrilled to share that Arkade Developers has successfully acquired the iconic 4-acre Filmistan Pvt. Ltd. land parcel on SV Road Goregaon West for a total consideration of Rs 183 crore.” He added “This strategic acquisition paves the way for an ultra-luxury residential project on one of Mumbai’s most storied addresses — popularly known as Filmistan Studios. In a statement to Hindustan Times Jain expressed the emotional sentiments attached to the studios. Filmistan Studios holds immense emotional and legacy significance for Mumbai and we are privileged to be entrusted with shaping its next chapter. This development will go beyond being a premium address and it will offer a thoughtfully curated lifestyle experience for a discerning few. At Arkade Developers we are not just creating homes; we are crafting a legacy that reflects the dynamic aspirations of our ever-evolving city. He said.