Navi Mumbai: Cidco earns Rs 640 crores by auctioning 13 plots in six nodes of the satellite city

The authority auctioned eight residential-cum-commercial plots, two fully residential and three fully commercial plots in Belapur, Nerul, Kalamboli, Vashi, Sanpada, and New Panvel nodes

Amit SrivastavaUpdated: Saturday, September 04, 2021, 03:06 PM IST
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A 2,002sqm plot in Nerul’s sector 29 received the highest bid of Rs2,31,000 per sqm | Pic for representation

Navi Mumbai: The City and Industrial Development Corporation (CIDCO) has earned around Rs 640 crores by auctioning eight residential-cum-commercial plots, two fully residential and three fully commercial plots in Belapur, Nerul, Kalamboli, Vashi, Sanpada, and New Panvel nodes. A 2,002sqm plot in Nerul’s sector 29 received the highest bid of Rs2,31,000 per sqm.

The planning agency had put up for auction 17 commercial-cum-residential, residential and fully commercial plots in prime locations of seven nodes. However, four of the plots had to be taken down from the auction and finally 13 plots went out for bids.

A 3,909 sqm plot at sector 15 in Nerul received a bid of Rs 2,25,999 per sq meter. Priyanka Regency LLP bought the plot at Rs 88.34 crores, winning over the Builders Association of Navi Mumbai's quote of Rs 1,82,900 per sqm. Haresh Chheda, president of BANM said that the builders’ association needs a plot but is finding it difficult to buy at a commercial rate.

Bhupendra Shah, trustee and chairman of BANM said that the organization is a charitable trust and CIDCO can allot plots under the social facility schemes.

Meanwhile, another plot at sector 15 in Belapur fetched Rs 88.41 crores. Four plots at sector 15 in Belapur were also put up for auction. According to developers, sector 15 in Belapur is one of the most sought-after locations as it is near the Palm Beach Road, NMMC headquarter, Nerul-Uran highway, and upcoming Nerul Jetty and Marina in Belapur.

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