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Navi Mumbai: CIDCO churns out Rs 563 crores from auction of 18 plots in four nodes

10:01 PM Oct 20, 2021 | Amit Srivastava

The City and Industrial Development Corporation (CIDCO) churns out Rs 563 crores from the auction of 18 residential and commercial plots in four nodes of Navi Mumbai. Two fully residential plots in Ghansoli nodes received the highest bidding of Rs 2,12,589 per sq meter. Neelkanth Infratech emerged as the highest bidder of both these plots.

Around 2500 sq meter plots at sector 9 in Ghansoli received the highest bid. Both plots are adjoining and they are fully residential plots. Another 2561 sq meter plot adjoining the above two plots in the same lane received the highest bid of Rs 1,71,245 per sq meter from Juhi Developers.

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Other plots for which the auction was conducted on Tuesday were from New Panvel, Kalamboli, and Kharghar. These plots can be developed with 1.1 FSI.

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The majority of the plots put on offer were big in size and the base price ranges from Rs 34,667 to Rs 63330 per sq meter. The two Ghansoli plots received around seven times the base price which is said to be good and the market condition for the real estate is favourable.

Haresh Chheda, president of Builders Association of Navi Mumbai said that Ghasoli plots received a good price because it is near a number of IT companies. “Now, people are looking for houses near offices and demand for such plots is increasing,” said Chheda. He added that there is a number of IT companies in Thane-Belapur Road and Ghansoli is one of the most sought-after locations for IT professionals.

Meanwhile, a section of developers feels that the charm of the airport has faded away and that’s why Kharghar and Panvel plots are not getting good prices in the auction.

For the past few months, CIDCO has offered hundreds of plots across the city which is substantially brought down the bidding price. “For the last few months, CIDCO has been consistently providing plots of residential, commercial, social, and cultural purposes for sale. The adequate supply of land will offer homes at an affordable rate," said a senior official of CIDCO.

Also Read: Navi Mumbai: CIDCO to complete the allotment of 12.5% developed lands in next one and a half years

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