A Mumbai-based real estate developer, Supreme Universal, has agreed to build a nearly 5-acre prime land parcel in the Chembur suburb of Mumbai.
Supreme Universal community project in Mumbai:
Supreme Universal intends to build a premium gated community project on the land parcel, which has a total development potential of around 1 million million sq ft.
The company has acquired the development rights to the said land parcel through its subsidiary Supreme Sky High LLP and will invest almost INR 1,000 crore in it. The total cost of the project is estimated to be around INR 1,800 crore based on current property pricing in the area.
The developer and landowner’s development agreement is based on a revenue share and an upfront premium that the company must pay.
On December 27, the agreement was signed and registered , and the company paid a stamp duty of INR 15.57 crores on the development’s current market worth of INR 311 crore, according to records obtained from indextap.com, a real estate advising agency.
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