The wedding, which was a quiet ceremony, was solemnised as per Hindu rituals at the 42-year-old actress' residence in Mumbai.
"Extremely happy to hear news about the most beautiful actress I ever worked with... I wish from heart that her life will be "Rangeela" forever," Varma posted on Twitter.
Urmila and Varma worked together in "Rangeela", "Satya", "Bhoot", "Mast" among others.
Urmila, who has been away from the silver screen, had last appeared in a 2014 Marathi film named "Ajoba".