At least seven fire tenders have reached the spot to douse the flames.
At the time of the incident, two TV serials were being shot at the studio - Bepanaah (Colors TV) and Haasil (Sony Entertainment Television).
There is no report of any casualty or injury as yet.
The Cinevista studio has over 30 shooting locations.
The incident comes just a week after a huge fire was broken out at Kamla Mills compound in Lower Parel locality of Mumbai killing 14 people and injuring over 30. (ANI)