Karan took to micro-blogging site Twitter to make the announcement.
"#SHAANDAARonDUSSEHRA..will release on the 22nd of October,2015..@shahidkapoor@aliaa08 @foxstarhindi@DharmaMovies @FuhSePhantom" he tweeted.
Alia, who ventured into tinsel town with Karan's directorial "Student Of The Year", too seemed excited.
"#SHAANDAARonDUSSEHRA .. 22nd October 2015 !!!! And it's trendinggggggg," she tweeted.
The romantic film is being directed by Vikas Bahl of "Queen" fame, and it's a co-production between Karan's Dharma Productions and Phantom Films.