One of Bollywood’s historic studios, Filmistan Studio in Goregaon West, is set to be demolished by December following a long-awaited agreement that will clear the site for two 50-storey ultra-luxury residential towers. The Jalan family, owners of the studio properties, transferred their rights to Arkade Developers for Rs 1.83 billion on Thursday. Although the exact members of the Jalan family involved remain undisclosed, it is known that filmmaker Sasadhar Mukherjee, who established the studio in 1943, later sold it to Tolaram Jalan, a Kolkata-based film financier.Earlier in January, Arkade Developers entered into a separate deal with Aspen Properties and joint venture partner Kamanwala Housing Construction to acquire the prime four-acre land parcel—excluding existing structures—at Rs 1.65 billion.The combined value of the land and studio properties totals Rs 3.48 billion.Arkade Developers now plans to build approximately 400 ultra-luxury apartments, initially priced at around Rs 40,000 per square foot. Each three-bedroom apartment will offer a minimum of 1,500 square feet. The company anticipates generating revenues of around Rs 32 billion from the project.“A homebuyer will not get anything like this,” Amit Jain, Chairman and Managing Director of Arkade Developers, told Hindustan Times. He added that applications for construction approval will be submitted to the Brihanmumbai Municipal Corporation shortly, with permissions expected by year-end. The super-luxe residences, covering a built-up area of eight lakh square feet, are slated for launch in early 2026.Filmistan Studio is renowned for hosting some of the highest-grossing films of the 1940s and ’50s, including ‘Paying Guest’ (1957) starring Dev Anand, ‘Nastik’ (1954) directed by I S Johar, and the romantic epic ‘Anarkali’ (1953). More recent productions like ‘2 States’ (2014) were also filmed here. The studio famously served as the launchpad for acclaimed writer Saadat Hasan Manto.In recent years, the studio has been used primarily for reality TV shows.During the 1970s, as outdoor shooting became more prevalent and studios faced decline, the owners innovated by adding permanent sets such as a police station, jail, village, and garden to attract filmmakers. Subsequent upgrades included renovated make-up rooms and air-conditioned stages.While Mumbai is poised to lose this iconic landmark, insiders say the name “Filmistan” is likely to be preserved in the new development.