The first project is a brand new rendering of the ultimate epic on the courtesan Umrao Jaan Adaa. It will feature Priyanka Chopra in the role that Rekha immortalised in Muzaffar Ali's 1981 film.
Why Priyanka, and why Umrao Jaan? JP laughs. "After making war films where the boys had everything to do while the girls just got anxious in the background, I thought it was time to let the women come out in the forefront.
"Even in the war films or my other macho films like 'Batwara' and 'Hathyar', I made sure the girls were projected with dignity and grace."
In fact Kareena Kapoor in "Refugee" is considered the best debut ever by an actress. Smiles JP: "I know Bebo was devastating in 'Refugee'. But I'll make sure that Priyanka is projected in a way that taps her full potential.
"Stories about gritty women have always fascinated me. I'm not just making Umrao Jaan, I'm also making a film on the life and times of Gayatri Devi. This project will take off right after Umrao Jaan. But first Priyanka as Umrao Jaan."
But why Priyanka? "She's sensuous, graceful...and a very good Kathak dancer. This facet of hers I got to know only when she met me and I offered her the role. If she watches her steps, the sky's the limit."
Initially, Priyanka was jittery about taking on such a complex role, and that too one taken to dizzying heights of nostalgic glamour by Rekha.
"But I convinced her that she had it in her. Priyanka is an extremely focused girl. She knows exactly what's right for her."
JP hopes to start shooting Umrao Jaan in October.
"My dad (veteran writer-director O.P. Dutta) wrote the script 20 years ago. So I've been waiting to start Umrao Jaan for many years. How will it be different from Muzaffar Ali's film? As different as Muzaffar Ali and J.P. Dutta are as filmmakers are. Priyanka as Umrao Jaan will be a completely different experience from Rekha."