Supreme Universal to Develop 5-Acre Land Parcel In Mumbai
Supreme Universal has entered into an agreement to develop a nearly 5-acre prime land parcel in Chembur, a suburb of Mumbai. The company is planning to develop a premium gated community project on the land parcel that has a total development potential of around 1 mn sq ft. The company has acquired the development rights of the said land parcel through its subsidiary Supreme Sky-High LLP and will be investing nearly Rs 1000 crore to develop the project. The project’s total revenue is expected to be around Rs 1800 crore based on the ongoing property rates in the vicinity. The development agreement between the developer and the landowner is structured based on revenue share and an upfront premium to be paid by the company. The company has paid a stamp duty of Rs 15. 57 crores on the development current market value of Rs 311 crore showed documents. The company is planning to develop around 35- storey towers on the said land parcel and this will be the tallest structure in this micro market. As per the agreement the developers will be responsible for investments, planning, design, approvals, and execution of the project that is expected to commence soon, The company has started the process to seek approvals for the project from the civic authority. Supreme Universal has developed over 75 projects including residential and commercial across Mumbai and Pune. Currently, it has projects spread over 3 mn sq ft under development in key property markets.
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