The heritage structure housing the 140-year-old Capitol Cinema, located opposite Chhatrapati Shivaji Maharaj Terminus (CSMT), has a new owner and is set to undergo repairs and renovation in accordance with heritage conservation norms. Inorbit, owned by the K Raheja Group, has acquired Nadir Company Private Limited, the leaseholder of the iconic Mumbai property, according to lease documents accessed by Zapkey.com.
Inorbit is a retail real estate platform of the K Raheja Group, as stated in a declaration filed with the Inspector General of Registration and Controller of Stamps, Maharashtra.
In October 2025, the Brihanmumbai Municipal Corporation (BMC) renewed the lease of the Capitol Cinema building for the period from May 2025 to April 2035. A registered undertaking filed by Nadir Company Private Limited on December 16, 2025, confirms acceptance of the lease renewal.
As part of the undertaking, the company has committed to carrying out necessary repairs while preserving the building’s heritage character, given its proximity to the BMC headquarters and the Chhatrapati Shivaji Maharaj Terminus (CSMT). The BMC’s renewal order specifies that the lessee’s land use will remain restricted to cinema, retail, and residential purposes.
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“In accordance with the Renewal Order, we hereby undertake to carry out repairs and renovation work in the said property, considering its vicinity to the Brihanmumbai Municipal Corporation head office and Chhatrapati Shivaji Maharaj Terminus. Further, we undertake to rectify the breaches within one year from the date hereon,” it said.
An email query sent to K Raheja Corp received no response. The story will be updated if a response is received.
What purpose can the building be put to?
According to sources, conversion of the Capitol Cinema building is not possible. “The heritage status ensures that the structure cannot be demolished for the construction of a high-rise. However, the developer may repurpose the existing building into an art gallery or a retail gallery, provided the heritage structure is retained,” a source said, requesting anonymity.
All about Capitol Cinema
Built in the early 20th century and originally leased in 1908, the Capitol Cinema became one of Bombay’s most iconic cinemas, reflecting the rise of cinema culture during the colonial era. Known for screening Hollywood and Indian films, Capitol Cinema drew elite audiences from the surrounding commercial district and became a prominent landmark in Mumbai’s heritage precinct. The building is designated as a heritage structure, which means any repairs or alterations must comply with strict conservation norms that preserve its original architectural character.
What is a heritage structure?
A heritage-grade structure in Mumbai is a protected historic property classified under the city’s heritage regulations. Such buildings have architectural, cultural or historical significance, and any redevelopment, alteration or repair is strictly regulated to preserve their original character.
Owners of heritage structures must obtain a no-objection certificate (NOC) from the Mumbai Heritage Conservation Committee (MHCC) under the Mumbai civic body before undertaking any repair or renovation work.
While structures with heritage reservations cannot generally be redeveloped into high-rise buildings, limited redevelopment may be permitted in certain cases.
A Grade II-A structure is a category under Mumbai’s heritage regulations used to classify buildings of regional or local importance that have special architectural, aesthetic, cultural or historical value, but are not as rare or exceptional as Grade I structures. For Grade IIB heritage properties, conversion into a high-rise is allowed, subject to approvals and compliance with heritage norms.
With Inorbit and the K Raheja Group now stepping in through the acquisition of Nadir Company, the planned repairs are expected to focus on conservation and compliance rather than redevelopment, sources said.
What is a declaration document?
A declaration document is a formal legal statement filed with the government or regulatory authority that records or declares specific information about a property, transaction, or ownership structure. Its purpose is to officially declare ownership, rights, or obligations related to a property.
To record details of a real estate transaction, lease, or transfer and to provide information for regulatory compliance, such as stamp duty, land use, or heritage status. In Mumbai, such documents are filed with the Inspector General of Registration & Controller of Stamps, Maharashtra (IGRCS).