K Raheja Corp Homes and Cinevista Sign Agreement for Luxury Housing Development in Kanjurmarg

K Raheja Corp Homes and Cinevista

K Raheja Corp Homes, the residential development arm of real estate developer K Raheja Corp, has entered into an agreement with listed media production company Cinevista to develop a nearly 4-acre land parcel that will house Cinevista's studio in the KanjurMarg neighbourhood of Mumbai.

According to the revenue-sharing agreement, K Raheja Corp Homes will develop and transfer 24.5 percent of the built-up area to Cinevista, while retaining 75.5 percent of the developed area.

It is estimated that the land parcel has a total development potential of over 500,000 square feet of built-up area, including the additional 35% fungible floor space index (FSI). K Raheja Corp Homes intends to develop a luxury residential project on the aforementioned parcel of land, with completion anticipated within the next five years. The project's total development of over 5.6 lakh square feet is estimated to be worth over 446 crore rupees, which includes the developer's and landowner's share as well as premiums and deposits to be paid. The developer paid over 13.6 crore in stamp duty for the May 29 registration of the agreement, according to CRE Matrix-accessible documents.

This will be K Raheja: Corp Homes's first project in the country's commercial capital's eastern suburbs. Cinevista was founded in August 1982 and has broad interests in the media and entertainment industries. As a content provider, it develops television software, films, and commercials; as a distributor, it operates in the field of feature films.

On the five-acre property, the company owns and has interests in post-production services, sound studios, and shooting platforms, in addition to producing original content for various mediums.

K Raheja Corp recently acquired BR House, the family home of one of the most prominent Bollywood filmmakers, B.R. Chopra, and plans to develop an ultra-luxury project on this site in the Juhu neighbourhood of Mumbai.

The 25,000-square-foot mansion is situated on nearly an acre of land in Mumbai's posh Juhu neighbourhood, which is peppered with the homes of Bollywood actors, directors, and producers.