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K Raheja Corp Homes and media production conglomerate Cinevista have solidified a revenue-share agreement that will bring a significant real estate project to Mumbai's Kanjurmarg locality. This innovative venture will repurpose a four-acre plot, currently home to Cinevista's production studio, into a high-end residential project.
The agreement stipulates that K Raheja Corp Homes, the real estate development arm of K Raheja Corp, will maintain 75.5% of the developed space, with Cinevista retaining the remaining 24.5%. The land parcel possesses a total developmental potential of over half a million square feet, which includes an additional 35% of fungible floor space index (FSI).
The development plan envisions a premier residential property that K Raheja Corp Homes expects to materialize over the next five years. The estimated total worth of the project, which will span over 5.6 lakh square feet, is projected to be in excess of Rs 446 crore. This figure includes the shares of both the developer and the landowner, as well as any associated premiums and deposits.
The project is notable as it represents K Raheja Corp Homes' inaugural venture into the eastern suburbs of India's commercial hub. This development follows the company's recent acquisition of the BR House in Mumbai's affluent Juhu locality, which also stands earmarked for a high-profile residential development.
Cinevista, a company with diverse media and entertainment interests, has been a significant stakeholder in the Mumbai property since 2003. Despite previous intentions of transforming part of the land into an IT park, these plans did not materialize.
The media giant has been instrumental in delivering a broad spectrum of content spanning television software, films, and advertisements. Its expansive property also serves as a comprehensive hub for post-production services, complete with sound studios and shooting floors.
In contrast, an attempt in 2020 by Ashwin Sheth Group to acquire the land parcel for over Rs 260 crore fell through. With K Raheja Corp Homes and Cinevista's pact, this prime land parcel is now slated for a transformation that will enrich Mumbai's real estate tapestry.
In conclusion, the K Raheja Corp Homes-Cinevista partnership is set to add a new landmark to Mumbai's eastern suburbs. This venture, combining the expertise of a seasoned realty developer and a leading media production company, is expected to bring a surge of development and potentially pave the way for similar collaborations in the future.
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