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representative imagerealty developer K Raheja CorporationHousing Development Unit of K Raheja Corp Homes has entered into an agreement with a listed media production company cinevista To develop a parcel of four acres of land which will house the studio of the production house Mumbai‘S Kanjurmarg territory.
As per the revenue-share agreement, K Raheja Corp Homes will develop and hand over 24.5% of the built-up space to land owner Cinevista, while retaining 75.5% of the developed space.
The land parcel is estimated to have a total development potential of over 5 lakh sq ft of built-up area including an additional 35% Fungible Floor Space Index (FSI). K Raheja Corp Homes is planning to develop a premium residential project on the said land parcel and the project is expected to be completed in the next five years.
The total development value of over 5.6 lakh sq ft in the project is estimated to be over Rs 446 crore, which includes the share of both the developer and the land owner, apart from the premium and deposits to be paid.
Documents accessed through CRE Matrix show that the developer has paid stamp duty of over Rs 13.60 crore for the registration of the agreement dated May 29.
This will be the first project of K Raheja Corp Homes in the eastern suburbs of the country’s commercial capital.
Started in August 1982, Cinevista holds a wide-ranging interest in the media and entertainment industry. As a content provider, it produces television software, movies and advertising films, while as a distributor, it deals with feature films.
In addition to producing original content for various mediums, the company owns and has interest in a five-acre property providing post-production services, sound studios and shooting floors.
K Raheja Corp has recently acquired BR House, the family home of one of Bollywood’s leading filmmakers BR Chopra, and is planning to develop an ultra-luxury project on the plot in Mumbai’s Juhu area. The 25,000-square-foot bungalow is spread over nearly an acre of land in Mumbai’s Juhu area, which is filled with properties owned by actors, directors and producers of Hindi films.
ET’s email query to K Raheja Corp remained unanswered while Cinevista could not be contacted at the time of writing.
In late 2020, realty developer Ashwin Sheth Group had signed a term sheet to acquire this land parcel, which houses Cinevista’s studios, for a price of over Rs 260 crore. However, the deal did not proceed further.
Cinevista bought the land parcel in 2003 and developed it as a one-stop shop for all shooting needs. It had a mix of permanent and temporary sets and 30 shooting floors, including three empty floors.
It also featured an equipment center with a wide range of cameras, lights and other accessories for film and TV shoots.
In 2008, the production house planned to convert 3 acres of land into an IT-park at an investment of Rs 200 crore. However, that plan also never came to fruition. ends
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