"He passed away today at around 3.30 p.m. His funeral most probably will take place tomorrow at around 11," a source close to Ravi Chopra's family told IANS.
Mr Chopra had been admitted to Mumbai's Breach Candy Hospital a few days ago. He had been reportedly suffering from a severe lung ailment since the last few years.
Mr Chopra belonged to an illustrious Bollywood family. His father was director and producer B R Chopra and his uncle was filmmaker Yash Chopra. Yash Raj scions Aditya and Uday Chopra are Ravi Chopra's cousins.
He is survived by his wife and three children.
Ravi Chopra, who had been hospitalized with a lung ailment in 2012, directed movies like The Burning Train, Baaghban and Babul. He also directed hit TV serial Mahabharata, produced by his father.
Most recently, Mr Chopra had produced fantasy films Bhoothnath and Bhoothnath Returns, starring Amitabh Bachchan.