"Cinevista’s ‘Antares’ Project Receives RERA Approval"

The joint development project ‘ANTARES’ in Kanjurmarg, Mumbai, has received RERA registration, following the registration of the Joint Development Agreement between Cinevista Ltd and K. Raheja Corp Real Estate Pvt Ltd on May 29, 2023. K. Raheja Corp has now secured all necessary permissions to begin development work.

K. Raheja Corp’s marketing team will start sales for Tower ‘A’ of the project immediately, with sales for Tower ‘B’ to commence at a later date, according to a company statement.

Under the joint development agreement, K. Raheja Corp Real Estate holds a 75.5% share in the project, while Cinevista Ltd retains a 24.5% stake. The agreement includes an interest-free refundable security deposit of ₹70 crore from K. Raheja Corp to Cinevista.

The project is being developed on a 15,817.48 square meter plot in Kanjurmarg, which Cinevista previously held as a capital asset. The land was reclassified as stock-in-trade earlier this year, with a valuation of ₹133.88 crore.

HBL