Mumbai, Aug. 28 -- Mumbai-based real estate developer Supreme Universal has secured development rights for a one acre land parcel off Carter Road in Bandra West and intends to develop a luxury and ultra-luxury residential project. The company estimates the opportunity could deliver revenue of about Rs 15 billion (bn) and said it plans to invest around Rs 10 billion (bn) in construction and fit-out. The scheme is envisaged as one of the tallest towers in the neighbourhood with extensive sea views.
The parcel comprises two early twentieth century bungalows that were acquired from a Parsi family and sits on land belonging to Wavelash and Sunbeam housing societies. The developer has engaged with residents of those societies, obtained consent and intends to commence the statutory approval process shortly, the company said. Construction is expected to begin within the next two quarters and the project is estimated to be completed in around three and a half years.
The developer described the site as a scarce contiguous tract along the Bandra West coastline and said design priorities include privacy, open spaces and lifestyle led amenities, with a private sea facing terrace planned for every residence and extensive terrace gardens. Planned sporting, wellness, social, work and entertainment facilities are intended to create a genuine extension of residents' homes and to raise amenity standards for the locality, the company added. Local brokers indicated that apartment prices around Carter Road trade above Rs 100,000 per sq ft, or about Rs 0.1 million (mn) per sq ft.
The transaction adds to a string of high value bungalow deals in Mumbai that underline the scarcity of independent homes in prime locations, with recent transfers recorded at Rs 2.21 billion (bn), Rs 2.76 billion (bn), Rs 1.35 billion (bn) and Rs 840 million (mn) respectively. The city's redevelopment market has remained active, with data from Knight Frank India showing growth and more than one thousand development agreements signed since January 2020. The company said the Carter Road parcel presents an opportunity to rethink luxury living where large-format residences are increasingly sought after.
Published by HT Digital Content Services with permission from Construction World.