CIDCO
CIDCO

The City and Industrial Development Corporation (CIDCO) earned Rs 413 crores by selling 8 residential cum commercial plots in Kalamboli, Sanpada, and Koparkhairane node of Navi Mumbai. A plot admeasuring 3876 sqm in sector 18 in Sanpada received the highest bid of Rs 2,52,000 per sqm. The base price of the plot was Rs 95,074 and plots were sold through e-auction.

The planning agency made Rs 4,13,18,22,087 by auctioning 15 plots. Early this month, CIDCO had earned Rs 677 crores by selling 19 plots across the city.

However, another plot of 3,205 sqm at sector 18 received Rs 2,43,000 per sqm while the base price was Rs 77,469 per sqm meter. The plot was auctioned more than three times of base price. Similarly, other plots received two to three times of base price.

Developers say that the price is reasonable and this can be a stimulus for the real estate sector in the city.

Haresh Chheda, president of Builders Association of Navi Mumbai (BANM) said that the bidding price pattern shows a lot of correction has happened in the last five to six years, and now the price is reasonable. However, he added that it is good developers from the city are showing interest in plots being offered. “Despite all odds, CIDCO is lucky, it is getting buyers,” said Chheda.

The base price of these plots offered through e-auctioning was between Rs 39,3030 and Rs 95,074 per sqm. These plots can be developed with from 1.1 to 1.5 FSI. However, developers can use more FSI as per the rules by paying an extra premium.

Around 10 days back, CIDCO churned out Rs 677 crores by selling 19 residential cum commercial plots in various nodes of Navi Mumbai. A plot admeasuring 4176.3 sqm in sector 19 in Ulwe received the highest bid of Rs 2,13,786 per sqm, almost six times of base price.

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