It will be the Bollywood debut of Angira Dhar and features veteran actor Ratna Pathak, Supriya Pathak and Raghuvir Yadav.
The film is expected to release on Netflix in early 2018.
"Love Per Square Foot" marks the directorial debut of Anand Tiwari. It is a quirky romantic comedy that revolves around a two people, who enter a marriage of convenience to buy a flat in Mumbai.
"How, where and when great stories are watched is changing every day. Our younger audiences chose their mediums. We love to disrupt and innovate in this space and this is a first of its kind for South Asia.
"We are thrilled to come together with Netflix and break new ground by reaching film-lovers around the world directly with Netflix," said Screwvala, who founded the UTV group.
Calling it a "gem", Netflix founder and CEO Reed Hastings said the streaming giant is looking for stories to bring joy to its subscribers.
"We're always looking for stories that bring joy to Netflix members, and 'Love Per Square Foot' is a gem that we're proud to have on the service.
"RSVP is a visionary partner, and we want to continue working with them and the best of Bollywood to deliver compelling stories to consumers around the world," Hastings said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)