Navi Mumbai: The removal of height restrictions on Navi Mumbai buildings seems to have unlocked the potential of its land value. A 5,526 square metre residential-cum-commercial plot at the Sanpada node received a record bid of Rs5.54 lakh per sq m during an e-auction by the City and Industrial Development Corporation (CIDCO) on Monday. The bid price is the highest in the city, a CIDCO official said.
The plot is located near tony Palm Beach Road. The winning bid was almost five times the base price of Rs1,14,089 per sq m.
In July 2022, the Airports Authority of India agreed to grant height NOCs (no-objection certificates) for buildings located within a 20km radius of the proposed Navi Mumbai international airport.
Thus, buildings up to an elevation of 160.10m above mean sea level are now allowed in the city. According to developers, the decision has unlocked vertical development and buildings up to 48 storeys can now be constructed.
A total of six bidders vied for the Sanpada plot with DPVG Ventures LLP making the winning bid of Rs5,54,089 per sq m.
The plot can be developed with a floor space index of 1.5. However, under the Unified Development Control and Promotion Regulations (UDCPR), the developer can use FSI up to 5 vertically.
“Both decisions — removal of height restrictions and implementation of the UDCPR — have unlocked the potential of Navi Mumbai plots,” said Haresh Chheda, immediate past President of the Builders Association of Navi Mumbai (BANM).
Mr Chheda described this as a win-win for the State Government, developers, CIDCO and home buyers. “The supply will increase and home buyers will get homes in prime locations,” he said.
Interestingly, the e-auction on Nov 21 witnessed another plot receiving the second highest price. A 1,304.95 sq m residential-cum-commercial plot in Sector 40 in Nerul received a bid of Rs4,80,339 per sq meter. The base price was Rs1,17,339.
In August, a 3,069 sq m residential-cum-commercial plot at Sector 19A in Nerul had received the then highest bid of Rs3.85 lakh per sq m.
CIDCO has earned a cool Rs1,365.6 crore by selling 28 plots in seven nodes of Navi Mumbai.