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Supreme Universal inks pact to develop 5-acre land parcel in Mumbai
Realty developer Supreme Universal has entered into an agreement to develop a nearly 5-acre prime land parcel in Chembur 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 million 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 10 billion to develop the project. The project’s total revenue is expected to be around Rs 18 billion based on the ongoing property rates in the vicinity.
The development agreement between the developer and the land owner is structured based on revenue share and an upfront premium to be paid by the company.
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