He believes the genre is the "flavour of the season".
"If you have the right team and ideas, you can make any kind of film. And when it comes to high concept comedies, I feel they are the flavour of the season," Vir said in a statement.
The actor, who featured in "Delhi Belly" and "Go Goa Gone", is making the movie under his production banner Weirdass Productions in collaboration with Advani's Emmay Entertainment.
"It all happened over breakfast," recounted Advani of his meeting with Vir on the project.
"I wanted to rope in Vir to feature in the video of the song, 'Duma dum' ('D-Day') because I loved the way he danced in 'Jaa chudail' ('Delhi Belly'). So he came in, heard the song, loved it but said that he didn't have dates," he added.
The duo then discussed three scripts in the span of one-and-a-half hours.
"He told me that while one is crazy, another is mad and the third one is stupid. I'm amazed how he comes up with such crazy ideas. (But) As of now we are going ahead with the 'stupid' story," Advani said.
The duo plans to make the other two films after wrapping up the first one.
Vir will play one of the leads in the film, likely to go on floors in January next year.
"The story is about three young people and their discovery of life," said Advani.
Meanwhile, Vir says that after "working hard at charting out a career as a comedic leading man", the "time just seemed right to start developing my own work and making the kind of cinema I enjoy".
He hopes to produce more movies as well with "like-minded people".
"I feel like I share a great relationship with my audience where they trust my judgement and choice of films and sense of comedy. So trust me when I say the next year is going to be incredibly exciting. I'm just getting started, it’s gonna get crazier,” added Vir.