Supreme Universal signs agreement to build a 5-acre plot in Chembur

A deal has been reached by real estate developer Supreme Universal to build a nearly 5-acre prime land parcel in Mumbai’s Chembur suburb. The land parcel has a total development potential of about 1 million square feet, and the company intends to build a high-end gated community project there. Through its subsidiary Supreme Sky High LLP, the company has purchased the development rights to the aforementioned land block, and it plans to invest close to INR 10 billion in the project's development. On the basis of current property values in the area, the project's overall revenue is predicted to be in the range of INR 18 million. “Following the COVID-19 pandemic outbreak, enquiries and actual sales conclusion pattern clearly revealed that homeowners had realised the need for gated communities with lifestyle facilities for all age groups. This will be the primary aspect guiding the design and development of this project, said Sunny Bijlani, Managing Director, Supreme Universal. According to records retrieved by indextap.com, a real estate advice company, the transaction was finalised and registered on December 27. The company also paid stamp duty of INR 0.16 billion on the development's current market worth of INR 3.11 billion. Ramesh Bijlani, Chairman of Supreme Universal, stated that, “Chembur is a significant market for us and we are trying to deepen our footing in this micro market with this acquisition. Due to the recent improvements in infrastructure and accessibility to important areas of the city, particularly with the eastern highway and a connecting to the Bandra-Kurla Complex business sector, Chembur has become a premium real estate market. The 35-storey towers planned to be built on the aforementioned land parcel will be the tallest buildings in this micro market. In accordance with the agreement, the developer will be in charge of the project's funding, planning, design, approvals, and execution. Work on the project is slated to start soon. The business has already begun the procedure to ask the local government for approval of the project.