Cinevista jumps 10% on securing approval for development of a residential project with K Raheja

Over the past 12 months, its shares have risen around 47 percent in trade.

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Small-cap media player Cinevista shares surged to its upper circuit of 10 percent as the stock saw only buyers on August 30. The jump in the stock price comes after the firm's JV with developer K Raheja obtained all necessary permissions to begin development of a residential project.

The project being developed by K. Raheja Corps. Homes stands under the title: ‘ANTARES’. Currently, K. Raheja Corp.'s marketing team will begin sales for Tower A. Sales for Tower B will be initiated at a later stage, as currently informed.

At 12 noon, Cinevista's stock price was quoting Rs 21.47 on the NSE, up 10 percent.

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Last year, K Raheja Corp Realty entered into a development agreement with Cinevista to develop a land parcel spread across an area of 3.91 acres located in village Hariyali in Kurla, Mumbai.

The agreement value is Rs 272 crore for K Raheja Corp and Rs 78.35 crore for Cinevista Ltd, according to documents accessed by CRE Matrix.

The developer plans to construct a luxury housing project on the land parcel. The total plot area is 15,817.5 square metres and the permissible built-up area is 52,117 square metres, of which the developer’s share is 75.5 percent and the owner’s share is 24.5 percent, the documents showed.

The stamp duty paid is Rs 13.6 crore. The deal was registered on May 29, 2023.

Cinevista is a television production company founded by actor Prem Kishen and Sunil Mehta. Over the past 12 months, its shares have risen around 47 percent in trade.

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