It will be produced by Bhushan Kumar, who confirmed the news.
"We are working on the script right now. It's a full fledged love story with humour and emotions. The film will have six to seven songs. This is for the first time Madhur is attempting a love story," Kumar told IANS.
"Once we finish the script, we will start the casting. The film is titled 'Mar Jawaa'. Most probably the film will go on floors by early next year," he added.
Kumar said they may either rope in established actors or go for fresh faces.
"It's too early to talk about the star cast. We may either go for newcomers or for established stars, but we can talk about it only when the script is ready."
Bhandarkar is known for making issue based films like "Chandni Bar", "Page 3" and "Traffic Signal".