K Raheja Corp Homes Pact with Cinevista to Develop 4-Acre Land
K Raheja Corp Homes has entered into an agreement with listed media production company Cinevista to develop a four-acre land parcel that houses the production house’s studio in Mumbai’s KanjurMarg locality. As per the revenue-share agreement, K Raheja Corp Homes will develop and handover 24.5% of the builtup space to landowner Cinevista, while retaining 75.5% of the developed space. The land parcel is estimated to have a total development potential of over half a million sq ft built up area including the 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 of over 5.6 lakh sq ft at the project is estimated to be valued at over Rs 446 crore including both the developer’s and land owner’s share in addition to premiums and deposits to be paid. This will be K Raheja Corp Homes’ maiden project in the eastern suburbs of the country’s commercial capital. Cinevista had bought the land parcel in 2003 and was developed 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.
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