Shares of Cinevista Ltd. rallied 10% to hit an upper circuit at Rs 21.47 on 30th August after the firm’s joint venture with developer K Raheja obtained all necessary permissions to begin developing a residential project.

The endeavour called ‘ANTARES’ is being developed by K. Raheja Corp. Homes. For now, the selling for Tower A shall commence, while Tower B sales shall take place at some other point in time.

Last year, K. Raheja Corp Realty and Cinevista signed a development agreement to develop a 3.91-acre land parcel in village Hariyali, Kurla, Mumbai.

Based on documents obtained by CRE Matrix, the value of the agreement for K Raheja Corp. is Rs 272 crore, while for Cinevista Ltd. it stands at Rs 78.35 crore.

The developer plans to build a luxury housing project on a 15,817.5-square metre plot with a permissible built-up area of 52,117 square metres. The developer’s share of this area is 75.5%, while the owner’s share is 24.5%, as per the documents.

The market capitalisation of the company rose to Rs 123 crore. Its stock has risen 21.30% year-to-date.

At 1:18 PM, the shares of Cinevista Ltd. were trading 9.99% higher at Rs 21.47 on NSE.

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