CIDCO earns Rs 563 crore through the sale of 18 plots

The City and Industrial Development Corporation (CIDCO) earned a whopping Rs 563 crores through the sale of 18 residential and commercial plots in four nodes of Navi Mumbai.
The two fully residential plots in Ghansoli nodes received the highest bids of Rs 2,12,589 per sq meter and was bagged by Neelkanth Infratech.
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.
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.
Haresh Chheda, president of Builders Association of Navi Mumbai, said Ghansoli plots because it is near IT companies. “Now, people are looking for houses near offices and demand for such plots is increasing,” said Chheda.
The Thane-Belapur Road and Ghansoli are some of the most sought-after locations for IT professionals.
The majority of the plots on offer were significant, 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 good, and the market condition for the real estate is favourable.
Meanwhile, a section of developers feels that the airport's charm has faded away, which is why Kharghar and Panvel plots are not getting reasonable prices in the auction.
For the past few months, CIDCO offered hundreds of plots across the city, substantially bringing down the bidding price.