The shares of Cinevista Ltd were trading at ₹21.47 with a surge of 9.99 per cent today at 12.20 pm on the NSE. They announced yesterday that their joint development project named ‘ANTARES’ with K. Raheja Corp Real Estate Pvt Ltd in Kanjurmarg, Mumbai, has received RERA registration.
This development follows the registration of the Joint Development Agreement between the two companies on May 29, 2023. K. Raheja Corp Real Estate has now obtained all the necessary permissions to begin development work on the project.
The marketing team at K. Raheja Corp. will commence sales for Tower ‘A’ of the project immediately. Sales for Tower ‘B’ will be initiated at a later stage, according to the company’s statement.
Under the terms of 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 had previously held as a capital asset. The land was converted to stock-in-trade earlier this year at a valuation of ₹133.88 crore.