"I'm happy to team up with Eros once more for this very popular series. 'Housefull 3' will be bigger and funnier and we are confident that together, we will once again successfully present some wholesome entertainment to audiences worldwide," Nadiadwala said in a statement.
Directed by writer-turned-director duo Sajid-Farhad, the film is slated to release in 2015.
Commenting on the association, Jyoti Deshpande, Group CEO, Eros International Media Ltd said: "We share a special relationship with Sajid that goes back several decades and are excited to have Sajid back with us. What better film to start with than the third instalment of the hit franchise 'Housefull'. It promises to be a star-studded laugh riot shot lavishly in the UK, Sajid Nadiadwala style."