K Raheja Corp, Cinevista to develop luxury homes project on 3.91 acres near Kurla

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K Raheja Corp Realty Pvt Ltd has entered into a Development Agreement with Cinevista Ltd 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 (sq m) and the permissible built-up area is 52,117 square metres (sq m), 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 13.60 crore.

The deal was registered on May 29, 2023.

K Raheja Corp and Cinevista Ltd did not respond to Moneycontrol’s queries.

Luxury housing in India is in the midst of a multi-year rally, and real estate developers are cashing in on the increasing demand. The higher realisation (price per square foot) for developers reflects the preference for bigger and premium homes, said experts, adding that the buyers are mostly those who want to upgrade to larger apartments.

A recent report by Anarock noted that unsold units in the luxury segment, priced above Rs 2.5 crore, declined 24 percent to 15,520 at the end of March, from 20,480 units a year earlier. At the end of March 2019, the unsold stock was about 23,130 units.

K Raheja Corp Homes recently announced the launch of ultra-luxury limited edition homes in Mumbai’s Juhu micro-market, coming up at the nerve center of cinema, BR House. The company’s subsidiary purchased the bungalow from Bollywood director and producer B R Chopra’s family last year.

The project will be called Maestro, and is expected to be completed by the end of 2026, the company said.