Handprints from Indian cinema stars will be cast into the promenade at Bandra Bandstand, close to Shah Rukh Khan's Mannat and Salman Khan's Galaxy Apartment residences.
"We're glad that even the residents' associations in the area agreed to let us proceed with our plan. They are happy that the locality will become a hotter tourist spot in the city thanks to iconic Bollywood bungalows such as Mannat," said Nikhil Gandhi, business head of UTV Stars.
The channel is reportedly in talks with veteran stars including Amitabh Bachchan, Dilip Kumar, Dev Anand and others to use their handprints.
"We're still finalising our list of actors because we plan to keep the list limited for now and add more with time," added Gandhi.
The development of a Bollywood-themed museum was recently announced at Mumbai's Film City Complex.