Navi Mumbai: CIDCO Auctions Nerul Plot For Whopping ₹6.5 Lakh Per Sq Mtr; Total Cost Shoots Up To ₹159.07Cr

Navi Mumbai: CIDCO Auctions Nerul Plot For Whopping ₹6.5 Lakh Per Sq Mtr; Total Cost Shoots Up To ₹159.07Cr

While the developers are buoyed by the high cost for the piece of land, residents say otherwise.

Bhalchandra ChorghadeUpdated: Wednesday, January 03, 2024, 02:54 PM IST
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CIDCO Bhavan | File

Navi Mumbai: In a major development which will bring positive sentiments within real estate market in the satellite city, a plot measuring 2,493 sq mtr, went for a whopping Rs 6.5 lakh per sq mtr at a recent auction conducted by the City and Industrial Development Corporation (CIDCO). The residential-cum-commercial plot number 23 in sector 4, Nerul off Palm Beach Road with an FSI of 1.5, was bagged by M/s Falcon Electro-Teek Pvt Ltd.

The same plot was auctioned at a record Rs 6.72 lakh per sqm in March, 2023. The total cost of the plot comes at Rs 159.07 Crore.

Unnecessary Boom Created By Developers, Say Residents

While the developers are buoyed by the high cost for the piece of land, residents say otherwise. They claim that its an unnecessary boom created by the builders’ fraternity in the wake of upcoming infrastructural developments in the city that include Metro, the soon-to-be-opened MTHL, the under-construction international airport etc.

“A mere plot getting so much value is nothing but an artificial boom in the real estate market. This shows that the developers are concerned only about their profit and that their talks about affordable homes and houses for the weaker sections of the society are nothing but an attempt to mislead the people and earn huge profits,” said a resident of sector 9, Vashi not wishing to be named.

Stating that the cost attracted by the plot is because of its location and proximity to the arterial road that has become the major address of the city, President of the CREDAI Builders Association of Navi Mumbai (BANM), Vasant Bhadra said, “It is the only plot along the Palm Beach Road that has attracted huge price. The infrastructural developments happening in the city has definitely fuelled the real estate market to flourish. It is not booming only in the city or the state, but the entire country.”

“I hope this boom continues for long and the builders’ fraternity continues to develop some exquisite architectural wonders that will provide a succour to the real estate sector which is reeling under several challenges post-pandemic,” Bhadra added.

Reactions Over The Huge Sale

CIDCO has been unreasonable in fixing the base price for the Nerul plot, opined realty marker watcher B N Kumar. “This obviously leads to speculative bidding and builders would find it tough to sell properties as experienced before in Kharghar, Vashi and Nerul,” Kumar, who is residing in Navi Mumbai for four decades said.

“At the same time, the city planner has begun to literally dole out flats for the mighty and influential such as MLAs and judges at much less than the market value,” Kumar, also the convenor of Alert Citizens Team (ACT) pointed out.

“CIDCO, being the government agency, must be reasonable in its pricing and contribute to the market growth and not merely look at profit making at the cost of the builders as well as buyers,” he added.

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