The project will be completed in a 10-day start-to-finish schedule during the Southbank Centre's Alchemy Festival in London.
Jude Kelly, Artistic Director at Southbank Centre, said: "Befitting a region whose identity has been shaped and re-shaped over millennia through the intermingling of peoples and their cultures, our third Alchemy is the most collaborative - the most alchemic - yet.
"For 10 days the entire Southbank Centre will buzz with the sights, sounds, tastes and thoughts of the subcontinent as leading cultural organisations, Nobel prize-winning authors, acclaimed designers, British Asian soap stars, filmmakers, DJs and master musicians from Rajasthan, Pakistan and Portsmouth come together to celebrate, collaborate and explore what this culture is and could be."
Playwright Nikesh Shukla will write the script to the Aneil Karia-directed project. Gulati - who plays Sunita Alahan in the soap opera - has signed on to choreograph the film's song and dance sequence.
Festival-goers and participants in free Bollywood dance classes will have the opportunity to appear as extras in the film, starring alongside dancers, actors and musicians from across London.
The Alchemy Festival is scheduled to run from April 12 to April 22.