Mood: The mood of the video appears to be behind-the-scenes and informative, likely providing insights into the filming process of a Bollywood movie. The theme seems to be focused on the making of a specific movie, possibly a comedy or drama given the title 'Bhool Bhulaiya Returns', and the emotions conveyed are likely to be light-hearted and engaging.

Environment: The setting appears to be on a film set, with several people gathered around, likely crew members and actors. The environment seems to be indoors, possibly in a decorated room or a set designed to look like a room in a mansion, given the presence of a decorative item in the background.