Suneel, who has produced and helmed films like "Jaanwar", "Ek Rishtaa: The Bond of Love", "Andaaz", "Haan Maine Bhi Pyaar Kiya" and "Lootere", will once again work with his son, Shiv, in the movie.
Shiv made his Bollywood debut with the movie "Karle Pyar Karle" under his father's production.
"I felt I have to make cinema keeping the times in mind yet work on an area which I believe is timeless," Suneel said in a statement.
"Ek Haseena Thi Ek Deewana Tha" also stars Upen Patel and newcomer Natasha Fernandes in key roles.
The film is set to release later this year.