Navi Mumbai: CIDCO comes up with 106 residential plots in five nodes in the city

For the first time, in the last two decades, the City and Industrial Development Corporation (CIDCO) has come up with 106 residential plots for auctions. These plots are available in prime locations of Nerul, Kharghar, Ghansoli, New Panvel and Airoli nodes and the minimum offset price is Rs 70,000 while the size of plots ranges between 40 sqm and 436 sqm.

The submission of the bid will start from February 12 and interested people can submit the bid till March 1. The e-auction will take place on March 3 and the result will be declared on March 4.

Of the 106 plots being offered, the maximum number of 38 plots located in Ghansoli nodes followed by 28 plots in New Panvel. One of the most developed nodes Nerul has 12 plots and Kharghar has 15 plots. And, the remaining plots are available in Ghansoli and Airoli.

The offset price or the minimum price for bidding ranges between Rs 70,000 per sqm and Rs 1,20,000 per sqm. Nerul node has the maximum offset price of Rs 1,20,000 per sqm. At present, the base FSI is 1.1 for these plots. However, the buyers can use more FSI as per the approved Unified Development Control and Promotion Regulation for Maharashtra state as approved by the government of India.

Haresh Chheda, president of Builders Association of Navi Mumbai (BANM) says that this is the first time that CIDCO has come up with such a large number of plots at one go. “It is good there that CIDCO keeps supplying plots for the last few months. However, oversupply, like this may hamper the sentiment of the market,” said Chheda.

He added that most of the plots are small residential plots and it will attract mostly individual buyers. “It will be interesting to see how buyers show interest in these plots during the opening of the bids,” added Chheda.

Earlier, CIDCO has churned out Rs 91.72 crores by selling four residential cum commercial plots in the Kharghar node in January. A plot admeasuring 1599.98 sqm in sector 9B in Kharghar received the highest bid of Rs 1,56,699 per sqm. The plots were sold through e-auction.

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