The show is being replaced by another love story from the Balaji camp titled "Kis Desh Mein Hai Meraa Dil", starting March 3 on STAR Plus.
Commenting on the launch of the new show, Ekta Kapoor, creative director of Balaji Telefilms, said in a press statement: "I would love to describe this as an ethereal story from the heart."
"This show is bound to ignite the magic of love and romance on television once again. I hope that you enjoy watching it, as much as I have enjoyed making it," the release quoted her as saying.
"Kis Desh Mein Hai Meraa Dil" is set in a traditional Punjabi family and the story revolves around a promise made by two friends to each other and the impact that the promise has on their children's destiny.
Anupama Mandloi, senior creative director of STAR Plus, said: "Since this show is replacing 'Kasauti Zindagi Kay' which has been a huge success on the channel, it is only apt that a beautifully crafted, passionate love story about an eternal, pre-destined love should take its place."
"We are confident that viewers will enjoy this fresh saga of love," Mandloi said.
Nineteen-year-old Aditi Gupta has been roped in to play the female protagonist in the show and has been re-christened "Additi Gupta".
Apparently, Ekta consulted noted numerologist Sanjay Jumaani and asked Aditi to add an extra "D" to her name, hoping it will bring good luck to her and success to the show.