K Raheja Corp Homes Signs Development Agreement with Cinevista to Redevelop 4-Acre Studio Land Parcel in Kanjurmarg, Mumbai
K Raheja Corp Homes and Cinevista Enter Development Agreement for Kanjurmarg
K Raheja Corp has signed a development agreement with Cinevista Ltd for a 15,817 sq m (3.91 acre) land parcel at its Kanjurmarg studio space for ₹78.35 crore. The agreement was registered on May 29, marking a significant transformation of one of Central Mumbai's longest-standing film and television production hubs into residential space.
Strategic Location and Connectivity
The Cinevistas property in Kanjurmarg has long been a recognizable landmark in Central Mumbai. Located at the strategic junction of LBS Marg and Jogeshwari–Vikhroli Link Road (JVLR), the site has historically functioned as a film and television production hub before evolving into a promising residential development location. LBS Marg serves as a lifeline of the Central Suburbs, connecting Kanjurmarg directly to Thane, Ghatkopar, Kurla, and South Mumbai, while also linking into the Eastern Express Highway. This makes daily commutes efficient and provides seamless access to both residential and commercial hubs.
JVLR cuts across the city, connecting residents from the Western Express Highway in Jogeshwari to the Eastern Express Highway at Vikhroli, passing right through Kanjurmarg. This means quick accessibility to Powai, SEEPZ, Andheri, and even the airport, strengthening Kanjurmarg's position as a true midpoint between East and West Mumbai.
Development Structure
Under the revenue-share agreement, K Raheja Corp Homes will develop and handover 24.5% of the builtup space to landowner Cinevista, while retaining 75.5% of the developed space. The land parcel is estimated to have a total development potential of over half a million sq ft built up area including the additional 35% fungible floor space index (FSI).
The total development of over 5.6 lakh sq ft at the project is estimated to be valued at over Rs 446 crore including both the developer's and land owner's share in addition to premiums and deposits to be paid. The project is expected to be completed in the next five years.
K Raheja Corp's Expansion in Eastern Suburbs
This will be K Raheja Corp Homes's first project in the country's commercial capital's eastern suburbs. Founded in 1956 by Chandru Raheja, K Raheja Corp was formed after a split between Raheja brothers as a separate group. K Raheja Corp is a property developer in India with interests in commercial and residential projects, malls and hospitality across multiple cities in the country.
The developer maintains an active residential portfolio across Mumbai, Pune, and Hyderabad, with 30-40 residential projects underway in Mumbai and Pune across premium, luxury, and ultra-luxury segments.
Cinevista's History at the Site
Cinevista established the studio property in 2003. The company developed the site as a production hub for television and film shoots. Cinevista Ltd is a media and entertainment company known for producing television shows, films, and advertisements in India. The company established studio facilities in Kanjurmarg that included multiple shooting floors and production infrastructure supporting film and TV shoots.
Back in 2008, Cinevista planned to develop an IT park on part of the property. However, the proposal did not move forward. Later, in 2020, Ashwin Sheth Group signed a term sheet to acquire the land parcel. However, that transaction also did not progress further.
Market Context
Kanjurmarg has gradually transformed from an industrial suburb into a sought-after residential micro-market. With land availability becoming limited in traditional luxury zones, developers are exploring emerging locations like Kanjurmarg that offer both connectivity and development potential. With Metro Lines 4 (Wadala–Kasarvadavali) and 6 (Swami Samarth Nagar–Vikhroli) intersecting here, Kanjurmarg is expected to see a surge in rental demand and property appreciation.