Supreme Universal, a real estate developer, has entered into an agreement to develop a 5-acre prime land parcel in the Chembur suburb of Mumbai. The company plans to create a premium gated community project on the land parcel, which has a total development potential of around 1 million square feet. Supreme Universal plans to invest around ₹1,000 crore in the project, which is expected to generate revenue potential of ₹1,800 crore based on current property rates in the area. The development agreement between the developer and the landowner is structured around revenue sharing and an upfront premium to be paid by the company.
According to Managing Director, Sunny Bijlani, the COVID-19 pandemic has emphasized the need for gated communities with lifestyle amenities for all age groups, and this will drive the design and development of this project. Meanwhile, the Chairman of Supreme Universal, Ramesh Bijlani, states that Chembur is a key market for the company and this new deal aims to strengthen its foothold in the area.