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.