India, July 4 -- One of Bollywood's landmark studios, the Filmistan Studio in Goregaon West, will be razed by December, as a long-pending deal to ease this space for two 50-storey ultra-luxury residential apartments was inked on Thursday.

The Jalan family, members of who own the studio properties, transferred their rights to Arkade Developers, for Rs.183 crores, on Thursday. HT was unable to ascertain the names of the Jalans who own the properties, but for the fact that filmmaker Sasadhar Mukherjee, who built the studio in 1943, eventually sold it to one Tolaram Jalan, a film financier from Kolkata.

Earlier, a separate deal was inked in January between Arkade Developers and Aspen Properties, along with its joint venture partner Kamanwal...