Shivdasani, 37, has reportedly replaced the character of Riteish Deshmukh, who starred in the earlier two films.
"So #KyaKoolHainHum3 shoot comes to an end...The Koooool fun times shall be greatly missed! #umesh #madamterijawaani," the "Masti" actor tweeted.
Actor Tusshar Kapoor, who co-stars in the film, re-tweeted the tweet, adding, "Khooni times, Bangkok to Bhandup!".
"Kyaa Kool Hai Hum" was released in 2005, followed by a sequel in 2013 titled "Kyaa Super Kool Hain Hum", retaining the original cast of Tusshar and Riteish.