"Being Cyrus", starring Saif Ali Khan, released in 2006 and was Homi's directorial debut. It was the story of a dysfunctional Parsi family.
"I'm working on a mind-bending concept, which is closer to my 'Being Cyrus' space, but on steroids! It's an interesting concept that is unique to India. If it works out the way I want it, I'll start that mid next year. If it doesn't, then I have a very funny option that I'm excited about as well," Homi told PTI.
"'Saas Bahu aur Cocaine' is a story I had written as a web series and currently that is being adapted into a screenplay by my friend and co-writer Kersi Khambatta," he said.
But much before he starts work on any of his film projects, Homi will be seen as a mentor on MTV's reality show "Fame-istan", which is a platform to groom aspiring filmmakers.
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"If you just pick up your phone and shoot a story you want to tell, you'll realize that it isn't as easy as you thought. You will struggle to visually communicate what was in your head or on paper," he said.
"The idea with a platform like this is to steer aspiring filmmakers in the right direction, letting them make their own mistakes along the way, but ensuring that they don't fall totally flat on their faces," he said.