Construction Industry News
Real estate developer Supreme Universal has signed a deal to construct a nearly 2-acre plot of land in the Mumbai suburb of Chembur. The land lot has a total development potential of approximately 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 plans to invest nearly INR 10 billion in the development of the project.
Based on the current property values in the area, the total proceeds from the project are predicted to be in the range of INR 18 million. “Following the outbreak of the COVID-19 pandemic, inquiries and the pattern of actual sales closings clearly showed that homeowners realized the need for gated communities with lifestyle facilities for all age groups. This will be the key aspect guiding the design and development of this project,” said Sunny Bijlani, Managing Director, Supreme Universal.
According to data from indextap.com, a real estate consultancy, the transaction was completed and registered on Dec. 27. The company also paid stamp duty of INR 0.16 billion on the current market value of the project of INR 3.11 billion. Ramesh Bijlani, Chairman of Supreme Universal, said: "Chembur is an important market for us and we are seeking to deepen our position in this micromarket with this acquisition."
Due to the recent improvements in infrastructure and accessibility to key areas of the city, especially with the eastern highway and a connection to the Bandra-Kurla Complex business community, Chembur has become a premium real estate market. The planned 35-storey towers to be built on the above plot will be the tallest buildings in this micro market. In accordance with the agreement, the developer will be responsible for financing, planning, design, approvals and execution of the project. Work on the project will start soon. The company has already started the process of seeking approval from the local government for the project.
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