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 1,000 crore to develop the project.

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 1,000 crore to develop the project.

The project’s total revenue is expected to be around Rs 1,800 crore based on the ongoing property rates in the vicinity.

“Enquiries and actual sales conclusion pattern after the outbreak of Covid-19 pandemic certainly indicated that homebuyers have realised the need for gated communities with lifestyle amenities for all age groups. This will be the key factor driving the design and development of this project,” Sunny Bijlani, Managing Director, Supreme Universal, told ET.

The agreement was concluded and registered on December 27 and the company has paid a stamp duty of Rs 15.57 crores on the development’s current market value of Rs 311 crore, showed documents accessed through indextap.com, a real estate advisory firm.

“Chembur is a key market for us and we are looking to strengthen our foothold in this micro market with this deal,” said Ramesh Bijlani, Chairman of Supreme Universal.

As a micro-market, Chembur has emerged as a prime property market over the last few years owing to the improved infrastructure and connectivity to key parts of the city especially with the eastern freeway and a connector to the business district of Bandra-Kurla Complex (BKC).

The company is planning to develop around 35-storey towers on the said land parcel and this will be the tallest structures in this micro market.

As per the agreement, the developer will be responsible for investment, planning, design, approvals, and execution of the project that is expected to commence soon. The company has already started the process to seek approvals for the project from the civic authority.

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