India, Aug. 31 -- Yet another slice of cinema history is set to pass into the ages. Mahalaxmi's Famous Studio, a hub of film facilities from shooting to sound recording and mixing for the last 79 years, will soon be razed for a high-end residential project. This time, the studio owner himself is to redevelop the land along with a builder.

In the last decade, several prominent builders such as Piramal Realty, Godrej Properties, D B Realty (now Valor Estate), Prestige and K Raheja Corp had shown interest in the land but none were finalised. Industry sources said that K Raheja Corp Real Estate is now very close to clinching the redevelopment deal.

The company's directors, Arunkumar Roongta and Chandralekha Roongta, have moved an applicatio...