Produced by Patrick Sobelman at Agat Films, 'Taj Mahal' has been written by Nicolas Saada, who will direct as well.
The film will be seeking buyers at the Toronto International Film Festival, reported Variety.
It will tell the story of one night inside Mumbai's Taj Mahal Palace Hotel where many guests were held hostage by a group of terrorists. Martin will play one such guest trapped inside her room.
"'Taj Mahal' entails an enormous amount of preparatory work on special effects, (the shooting) in India and in the studio, where a large part of the story will unfold," Saada said.
"The mood of the film... lies somewhere between the classic intensity of a thriller and the portrait of a character left to her own devices, who quickly learns the true meaning of solitude."
The film will be shot in both English and French. Alba Rohrwacher, Louis-Do de Lencquesaing and Gina McKee also star in the movie.