Franchise with 3 parts yes. But it's not the first film to have sequel either.
Anyways we have unofficial Superman movies made since the 1960's itself. The last of the Superman movie released in 1987 with Puneet Issar playing the superhero while Dharmendra played his father. In 1980, Telugu Industry came with their Superman film starring THE NTR, one of official GODS of Indian Cinema.
NTR as Superman...
Puneet Issar as Superman...
Anyways in 1988 Govinda decided to end Bollywood chance of remaking Superman with this romantic(???!) duet song. And this gem of a song came from Rajesh Roshan.