The City and Industrial Development Corporation (CIDCO) earned a whopping Rs 475 crores through the auction of 19 residential cum commercial plots in Kharghar and New Panvel nodes of Navi Mumbai. A 3900 sq meter plot at sector 37 in Kharghar received the highest bid of Rs 1,53,999 per sq meter, bagged by Gajra Home Builders. Last month, CIDCO had churned out Rs 563 crores from the auction of 18 plots.
For the last year, the planning agency has flooded with the availability of plots across the city.
Most of the plots that were on auction in Kharghar and New Panvel were adjoining to each other and developers have the opportunity to develop one project at two adjoining plots.
Nine plots in New Panvel that were offered were located at sector 20 while one at sector 21. Similarly. Nine plots in the Kharghar node are located at sectors 37, 38, and 34 A.
While the size of these plots ranges from 1953 sqm to 3900 sqm and they can be developed with 1.5 FSI. The base price of these plots ranges between Rs 51,000 to Rs 73,000.
Haresh Chheda, president of Builders Association of Navi Mumbai (BANM) said that the bidding price showed that the location of the plots has become irrelevant during the bidding. “Under the Unified Development Control and Promotion Regulations (UDCPR), the addition FSI depends upon the width of the road. With more width of the road, more FSI can be consumed by paying a premium,” said Chheda. He added that this is clearly visible in the auction of these plots.
Last month, CIDCO had churned out Rs 563 crores from the sale of 18 plots and two fully residential plots in Ghansoli nodes had received the highest bids of Rs 2,12,589 per sq meter. Both the adjoining plots measured a total of 2,500 sq meters located in sector 9, Ghansoli. Another 2,561 sq meter plot adjoining the two plots in the same lane received the bid of Rs 1,71,245 per sq meter from Juhi Developers.