The director said the untitled project is currently in the scripting stage and will go on floors by this year end.
"My next is going to be about this man, Lal Bihari, who was declared dead by the government. It is a true story. I had bought the rights to make the film on him around 2004-2005 but during those days not many biopics were being made," Kaushik told PTI.
"He took nearly 14 years to prove that he was alive. So that is why he is called Lal Bihari Mritak. The story fascinated me," he added.
Kaushik, who last helmed "Gang of Ghosts" in 2014, feels it is the best time to make the film as cinema is undergoing a change.
"Now, I am excited to revisit the subject. Today, cinema is changing and we have scope to tell different kind of stories. My film is a black comedy, it is a funny story."
The 60-year-old "Tere Naam" director says his film will not be a "star" centric project and is still looking to lock the right cast.
"I can't reveal all of that (casting) yet. We are still in the process of looking for actors to play the part.
To make it real, we would want someone fresh, unique. This will not be a 'star' film," he said.