Raheja signs ₹78 crore deal with Cinevista for Kanjurmarg land

K Raheja Corp has signed a development agreement with Cinevista for a 15,817 sq m land parcel at its Kanjurmarg studio space for INR 78.35 crore.

Mumbai: Leading developer K Raheja Corp has signed a development agreement (DA) with television production company Cinevista Ltd for a 15,817 sq m (3.91 acre) land parcel at its Kanjurmarg studio space for ₹78.35 crore. The group is planning to develop a premium residential project on the plot.

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According to the agreement, the developer and the landowner will share area as well as revenues in the development. While K Raheja Corp Real Estate Pvt Ltd will have an area share of 75.5%, Cinevista Ltd will have an area share of 24.5%.

The market value of developer’s share will be ₹272.07 crore, while the market value of owner’s share will be ₹78.35 crore, according to the registration documents accessed and shared by CRE Matrix, a real estate analytics firm. A stamp duty of ₹13.60 crore was paid by the purchaser.

The total available floor space index (FSI) on the plot will be 47,411 sq m or 5,10,328 sq ft including base FSI, premium FSI, Transfer of Development Rights, and Fungible FSI. The longstop date for obtaining all approvals for the luxury project is expected to be two years, according to the documents.

K Raheja Corp had last week announced an ultra-luxury project named Raheja Maestro in the plot of film-maker BR Chopra’s bungalow in Juhu.

The developer had purchased the one-acre property for ₹183 crore in June 2022 from Renu Chopra, daughter-in-law of BR Chopra. The project proposes to build 10,000 sq ft bespoke residences per floor, and a semi-Olympic sized rooftop infinity pool. The group has also begun work on another bungalow property it purchased in Juhu.

Cinevista is a television production company founded by actor Prem Kishen and Sunil Mehta. It produced highly acclaimed TV series like Katha Sagar, based on short stories of renowed global writers, and Junoon in the heydays of Doordarshan, and shows like Crime Patrol for Sony TV.

Its five-acre studios, located close to the Jogeshwari-Vikroli Link Road-LBS Marg junction, provides a one-stop facility for television production including shooting floors, equipment and post-production facilities and was hit by the Covid pandemic in 2020.

In 2020, Ashwin Sheth group had reportedly approached Civevista for purchasing the land.