MUMBAI: Filmistan Studio, once owned by Sashadhar Mukherjee and Ashok Kumar, will soon be shut and make way to a residential or commercial project.

Kamanwala Housing Construction, which co-owns the Filmistan studio along with Aspin Property, is not finding it feasible to run the studio.

"The studio doesn‘t generate enough revenue anymore. The property, however, is huge and could fetch anywhere between Rs 6 billion and Rs 10 billion," said Kamanwala Housing Construction managing director ML Gupta.

The owners have been reluctant to allow shoots in the studio for some time now.

Jhalak Dikhhlaja is the only show that is being shot there and the studio is made available to them only on Wednesdays and Thursdays.The studio is usually shut the rest of the week.

Reacting to the decision as unfortunate, yesteryear actress Asha Parekh said: "It is hard to believe that the studio where films like Paying Guest, Dooj Ka Chand,Tumsa Nahin Dekha among others were shot is being closed down. Lots of memories are attached to it.”

Some other prominent films shot at Filmstan studio were Durgesh Nandini, Hum Sab Chor Hain, Munimji, Jagruti, Nagin, Nastik, Shart and Anarkali among others.