Ajay Phansekar is eagerly awaiting the release of his new movie "Yehi Hai Zindagi", reports Bollywood Trade.

The film is a musical with Gracy Singh playing the central character of a classical dancer. It also stars Parveen Dabbas and Saahil Khan.

But it has been held up due to recession in the music market, with music companies shying away from buying music rights.

"We are hoping that the music fetches the right price in the market after which the release can be scheduled," said Phansekar, who is now working on "Senior Citizen".

"It's a unique subject for which I have talked to notable artistes and I am planning to start the film in the next few months," Phansekar said.