Realty developer, Supreme Universal has acquired the development rights for a parcel of land in Chembur suburb of Mumbai City. Supreme Universal is said to have paid stamp duty of Rs 15.57 crores on the current market value of Rs 311 crore. The company plans to develop a premium gated community on the parcel of land which is estimated to have a development potential of nearly 1 million square feet. The project is expected to generate at least Rs 1800 crore in revenue based on the current trend of property rates in the vicinity.
Realty developer, Supreme Universal has acquired the development rights for a parcel of land in Chembur suburb of Mumbai City, with plans of investing Rs 1000 crore towards development. Chembur has developed as a prime property market in recent years and the project is expected to generate good revenue. Supreme Universal is a real estate developer with both commercial and residential projects spread across Mumbai and Pune.
Through its subsidiary Supreme Sky High LLP, Supreme Universal has acquired the development rights to a parcel of land in Chembur, Mumbai. The developer has entered an agreement with the landowner which is structured on revenue share and an upfront premium to be paid by the company to the current owner of the property. The agreement was concluded and registered on 27 December 2022, for which Supreme Universal paid stamp duty of Rs 15.57 crores on the current market value of Rs 311 crore. The company plans to develop a premium gated community on the parcel of land which is estimated to have a development potential of nearly 1 million square feet. It plans to build 35 storey towers on the land, thus potentially making them the tallest structures in the Chembur suburb. The project is expected to generate at least Rs 1800 crore in revenue based on the current trend of property rates in the vicinity. As per the deal the developer will be responsible for investment, planning, design, arrivals, and execution of the project. Formalities have already begun for the same, with construction set to begin soon.
As per sales patterns and surveys taken post the COVID outbreak of 2019, it is evident that homebuyers have realised the need for gated communities with lifestyle amenities for all age groups. This in conjunction with the current scenario in the real estate market has led to development shifting gears in micro markets across the country. Chembur has emerged as a prime property market over the last few years. This can be attributed to the improved infrastructure and connectivity to key parts of Mumbai, especially the eastern freeway and the business district of Bandra-Kurla Complex.
Ongoing consolidation in Indian real estate has begun to gather even more momentum as notable developers continue to acquire more market share in terms of land acquisition, sales, and liquidity. This too has led to partnerships between small time players and leading developers, either for project execution or the formation of synergies. Supreme Universal is a Mumbai based real estate developer with nearly 40 years of expertise in the field. They have nearly 75 projects spread across Mumbai and Pune, being experts in residential, retail, and commercial spaces. The company has also been involved in more than 30 redevelopment projects in Mumbai.
Advertisement
Facebook
Whatsapp
