Navi Mumbai: CIDCO churns out over Rs 200 crores from auction of 10 residential plots

Developers from the city say that the price is reasonable and it seems that the recent good supply of land checked the high price rise.

Amit SrivastavaUpdated: Friday, August 05, 2022, 09:01 PM IST
article-image
CIDCO Bhavan, Navi Mumbai | File

The City and Industrial Development Corporation (CIDCO) earned a whopping amount of over Rs 200 crores through the sale of 10 residential and commercial plots in three nodes of Navi Mumbai. A 3870 sq meter residential cum commercial plot at sector 18 in Vashi received Rs 2,43,627 per sq meter while the base price of the plot was Rs 1,36,627.

Developers from the city say that the price is reasonable and it seems that the recent good supply of land checked the high price rise.

Of the 10 plots for which the auction was held on Thursday and the result was declared on Friday, a 1617.49 sq meters plot at sector 17 in Panvel (w) received more than two times of the base price. The plot received the highest bid of Rs 1,92,001 per sq meter while the base price was Rs 75,999 per sq meter plot garnered Rs 31 crores. Similarly, a 3870 sq meter residential cum commercial plot at sector 18 in Vashi received Rs 2,43,627 per sq meter while the base price of the plot was Rs 1,36,627 and it churned out Rs 95.4 crores. These two plots can be developed with 1.5 FSI. However, additional FSI will be available under the UDCPR 2020 by paying an additional premium.

Haresh Chheda, president of Builders Association of Navi Mumbai, said that the bid price is not very high as there was good supply in the last two years. “The bidding price shows that the market is stabilized in Navi Mumbai and will be a destination for affordable homes,” said Chheda.

For the past two years, CIDCO offered more than 1000 plots across the city, substantially bringing down the bidding price.

Manohar Shroff, Senior Vice President of the Maharashtra Chamber of Housing and Industry (MCHI) Navi Mumbai unit said that except for the Panvel plot, bid prices of the remaining plots are reasonable and it's good for the sector. “The bidding trend shows that Navi Mumbai will continue to offer affordable homes,” said Shroff.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Maharashtra monsoon session: Shinde-Fadnavis govt presents supplementary demands worth Rs 25,826.71...

Maharashtra monsoon session: Shinde-Fadnavis govt presents supplementary demands worth Rs 25,826.71...

Mumbai updates: Ex-BJP functionary Mohit Kamboj's tweet hints at imminent arrest of 'big' NCP leader

Mumbai updates: Ex-BJP functionary Mohit Kamboj's tweet hints at imminent arrest of 'big' NCP leader

NSDC, Varthana Finance to financially assist students pursuing skill courses

NSDC, Varthana Finance to financially assist students pursuing skill courses

Navi Mumbai: Blood donation and free eye check-up camp held in Kharghar

Navi Mumbai: Blood donation and free eye check-up camp held in Kharghar

Delhi CM Kejriwal launches 'Make India No. 1' mission, urges focus on education, healthcare

Delhi CM Kejriwal launches 'Make India No. 1' mission, urges focus on education, healthcare
epaper
Do you wish to receive daily Epaper on your WhatsApp for FREE?
NO
Yes