The film revolves around a lazy Punjabi with supernatural powers, who has a fetish for 'samosas'.
"The story of 'Raftaar Singh Superfast' is not just a regular conventional superhero saving the world... It is about a man, who discovers his own self in a very humorous way, just like the 'Munna Bhai' series," Varma said in a statement.
"The film breaks all conventional myths how a superhero should be and attempts to reinvent a Hindi movie superhero," he added.
"Raftaar Singh Superfast" targets the youth between the age group of 10 to 25 years across the country.
Varma has been working on the project since the last two years.
"This would be India's first superhero comedy. It will highlight the underdog hero in a way that the youth will love to see and connect with it," he said and added the team working on the project is quite excited.
The film is slated to go on the floors by the end of this year.
Who will play the main lead?
"Choosing the right hero for the project will be a task in itself, but we will only be able to finalise once the script is locked," said Varma.
"We are looking at an A-list actor to play the main lead and apart from the main lead, special effects will play an extremely important role in the project," he added.