Deepak, who earlier directed "Oops!" and "Fareb", said that they are also scouting for the right location.
"Since it's a college story, we are looking at various college campuses. We might shoot the entire film either in Mumbai or Pune," he told IANS.
He added: "We are planning to release the film on Holi. So, hopefully, if we wrap up our shooting in time, then the film might release during festive occasion of Holi in 2013."
The suspense thriller is being co-produced by Denis Selarka and Mehul Simaria under their banner - Blueberry Films.
Newcomer Alisha has been signed to play the leading lady in the film.
"I didn't want to cast any known person for the role. The script demanded for a fresh face and I felt people would easily relate to her. It's a bold concept and I am sure Alisha will pull off the role well," said Deepak.
Alisha has signed a three-film deal with Blueberry Films.
The film narrates the journey of Rani Diwan - her rise from an innocent college girl into an icon.