K Raheja Corp Homes signed an agreement with Cinevista to develop a four-acre land parcel in Mumbai. The site currently houses Cinevista’s studio in Kanjurmarg. According to documents accessed by CRE Matrix, the project has a development potential of over 5.6 lakh sq ft. Moreover, the company plans to build a premium residential project on the site. The project is expected to be completed within five years.
Revenue-Share Agreement Defines Project Structure
Under the agreement, K Raheja Corp Homes will develop the project. Meanwhile, Cinevista will receive 24.5% of the built-up area. The developer will retain the remaining 75.5% of the space. In addition, the land parcel includes a 35% fungible floor space index benefit. Therefore, the total project value is estimated at more than ₹446 crore.
The agreement was registered on May 29. Additionally, the developer reportedly paid more than ₹13.60 crore as stamp duty. This transaction will become the first eastern suburbs project for K Raheja Corp Homes in Mumbai. Furthermore, the company continues expanding its premium residential portfolio across the city. As a result, redevelopment activity continues rising across Mumbai.
Cinevista Studio Property Holds Strong Industry Presence
Cinevista established the studio property in 2003. The company developed the site as a production hub for television and film shoots. The property included shooting floors, sound studios, and post-production facilities. In addition, it offered cameras, lighting systems, and production support services. Over the years, the studio became a known production destination in Mumbai.
Back in 2008, Cinevista planned to develop an IT park on part of the property. However, the proposal did not move forward. Later, in 2020, Ashwin Sheth Group signed a term sheet to acquire the land parcel. However, that transaction also did not progress further. Now, the latest agreement has revived redevelopment plans for the property.
K Raheja Corp Homes Expands Mumbai Housing Portfolio
K Raheja Corp Homes continues focusing on premium residential projects across Mumbai. Recently, the company acquired the BR House property in Juhu. The property is linked to filmmaker B. R. Chopra. The developer plans to build an ultra-luxury residential project on the land parcel. Therefore, demand for redevelopment opportunities remains strong across Mumbai.
Developers continue targeting large land parcels in established city locations. At the same time, limited land supply supports rising project values across Mumbai. Moreover, revenue-sharing agreements are becoming more common in redevelopment projects.
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Media Mention
- Money Control: K Raheja Corp, Cinevista to develop luxury homes project on 3.91 acres near Kurla
- Hindustan Times: Raheja signs ₹78 crore deal with Cinevista for Kanjurmarg land
- The Economic Times: K Raheja Corp Homes, Cinevista ink pact to develop Mumbai studio land parcel
- The Hindu Business Line: K Raheja Corp enters into development agreement for luxury project in Mumbai
