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realty developer Supreme Universal have entered into an agreement to develop a prime land parcel of approximately 5 acres in Chembur Suburb of Mumbai. The company is planning to develop a premium gated community project on the land parcel with a total development potential of around 1 million sq. ft.
The company through its subsidiary has acquired the development rights of the said land parcel Supreme Sky High LLP and will invest around Rs 1,000 crore to develop the project.
The total revenue of the project is expected to be around Rs 1,800 crore based on the prevailing property rates in the surrounding area.
The development agreement between the developer and the land owner is structured on the basis of revenue sharing and upfront premium to be paid by the company.
“The inquiries and actual sales completion pattern after the outbreak of Covid-19 pandemic definitely indicated that homebuyers have realized the need for gated communities with lifestyle amenities for all age groups. This will be a major factor driving the design and development of this project.” Sunny BijlaniManaging Director of Supreme Universal told ET.
The agreement was concluded and registered on December 27 and the company paid stamp duty of Rs 15.57 crore on the current market value of the development of Rs 311 crore, documents obtained through indextap.com, a real estate advisory firm, revealed.
“Chembur is a key market for us and we want to strengthen our presence in this micro market with this deal,” said Ramesh BijlaniPresident of Supreme Universal.
As a micro-market, Chembur has emerged as a major property market over the years with better infrastructure in key parts of the city, especially the Eastern Freeway and a connector to the business district of Bandra-Kurla Complex. And has emerged because of connectivity. BKC).
The company is planning to develop an approximately 35-storey tower on the said land parcel and it will be the tallest structure in this micro-market.
As per the agreement, the developer will be responsible for investment, planning, design, approval and execution of the project which is expected to commence soon. The company has started the process of getting approval from the civic body for the project.
Has developed over 75 projects including Supreme Universal residential and commercial in Mumbai and Pune. Currently, it has over 3 million sq ft of projects under development across key property markets.
The ongoing consolidation in Indian real estate is gaining further momentum with established real estate developers taking more market share in terms of land acquisition, sales and liquidity.
Formalization of the sector, led by several policy reforms, is prompting fringe players to partner with Grade 1 developers for project execution and sales as they control the market. Large real estate developers are also looking for partnerships for synergy.
The trend is accelerating as access to liquidity in the current market environment, where bond yields have already firmed up and are trending north, is proving to be a key factor in determining delivery timelines. A concern for homebuyers.
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