Directed by Vikas Bahl of "Queen" fame, "Shaandaar" also stars Shahid's father Pankaj Kapur.
Filmmaker Karan Johar, who is producing the movie alongwith Anurag Kashyap, took to Twitter to announce the release date.
"#ShaandaaronDussehra... Will release on the 22nd of October, 2015," he tweeted.
"Shaandaar" marks the coming together of Johar and Kashyap as producers after Sidharth Malhotra-Parineeti Chopra starrer "Hasee Toh Phasee" in 2014.
Shahid, who was last seen in Vishal Bhardwaj's National Award-Winning insurgency drama "Haider", will be seen opposite the "2 States" actress for the first time.
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