Try by adding a new entry with the key webPages:Version and the value 1.0.0.0. Locate the following assembly references in your project file
<Reference Include="System.Web.WebPages"/>
<Reference Include="System.Web.Helpers" />
Replace them with the following:
<Reference Include="System.Web.WebPages, Version=1.0.0.0,
Culture=neutral, PublicKeyToken=31bf3856ad364e35, processorArchitecture=MSIL "/>
<Reference Include="System.Web.Helpers, Version=1.0.0.0,
Culture=neutral, PublicKeyToken=31bf3856ad364e35, processorArchitecture=MSIL" />
Save changes and reload project. For details please check the link -
https://www.asp.net/whitepapers/mvc4-release-notes#_Toc303253815
and go through the topic - "Installing ASP.NET MVC 4 breaks ASP.NET MVC 3 RTM applications"