Cinevista Soars 10% on Approval for Luxury Residential Project in Mumbai
Cinevista Limited's joint venture with K Raheja Real Estate Pvt Ltd gets permission to develop a residential property in Mumbai, sending shares soaring 10%.
Real EstateLuxury HousingMumbaiK Raheja CorpCinevista LimitedReal Estate MumbaiAug 30, 2024
The stock opened at ₹21.47 a piece on NSE and gained 9.99% to hit an intraday high at ₹21.47, locking in at the upper circuit. This development comes after the joint venture received the required RERA registration, as announced in an exchange filing on August 29.
According to the filing, the marketing team of K. Raheja Corp. will commence sales for Tower 'A' of the project immediately, while sales for Tower 'B' will begin at a later stage. The joint development agreement, registered on May 29, 2023, states that K Raheja Corp Real Estate owns 75.5% of the project, with Cinevista Ltd owning the remaining 24.5%.
The agreement also includes a ₹70 crore interest-free refundable security deposit from K Raheja Corp to Cinevista. The property parcel is expected to offer a total development potential of over 500,000 square feet of built-up area, including an extra 35% fungible floor space index (FSI).
The project, situated on a 15,817.48 square meter plot in Kanjurmarg, is expected to be completed within the next five years. The total development of over 5.6 lakh sq. ft. at ANTARES is anticipated to be worth more than ₹446 crore, including the developer's and land owner's shares, as well as premiums and deposits to be paid.
Cinevista had purchased the property piece in 2003 and plans to construct a luxury housing project on the land parcel.
About K Raheja Corp
K Raheja Corp is a leading real estate developer in India, with a strong presence in the residential, commercial, and hospitality sectors. The company has a reputation for delivering high-quality projects and has a significant portfolio of properties across the country.
About Cinevista Limited
Cinevista Limited is a Mumbai-based company with interests in the real estate and entertainment sectors. The company has a diverse portfolio of properties and is known for its expertise in developing luxury residential projects.
Frequently Asked Questions
What is the name of the residential project approved for development in Mumbai?
The project is named ANTARES.
Who are the joint venture partners for the ANTARES project?
Cinevista Limited and K Raheja Real Estate Pvt Ltd are the joint venture partners.
What is the expected development potential of the project?
The project is expected to offer over 500,000 square feet of built-up area, including an extra 35% fungible floor space index (FSI).
When is the project expected to be completed?
The project is expected to be completed within the next five years.
What is the anticipated value of the total development at ANTARES?
The total development of over 5.6 lakh sq. ft. at ANTARES is anticipated to be worth more than ₹446 crore.
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