File Photo
File Photo

The City and Industrial Development Corporation (CIDCO) churned out Rs 306 crores by auctioning six residential cum commercial plots in Kharghar, Kalamboli, and Sanpada nodes.

The 5858 sqm plot in Sanpada’s sector 18 fetched over 153 crores in the e-auction. Although the Sanpada plot, which is located in the service road along the Palm Beach Road fetched over 153 crores, a similar plot sold in 2016 had attracted a record price of Rs 3.39 lakh per sqm. In 2016, the plot was sold at Rs 3,39,339 per sqm while now the plot received the highest bid of Rs 2,62,548 per sqm.

Haresh Chheda, president of Builders Association of Navi Mumbai (BANM) said that the present plot is located in the backside of the service road while the plot sold in 2016 was a creek facing.

“In 2016, there was a peak in the real estate sector and bidding was almost seven to eight-time of the base price. However, now, the market has corrected, and now the plot price is under control,” said Chheda.

The base price of the plot was Rs 95074 per sqm and it was sold in the e-auction at Rs 2,62,548 per sqm, which is almost three times of base price.

Another plot at sector 18 in Sanpada node was sold at Rs2,21,468 per sqm. The plot is in the same lane, 3283.12 sqm plot fetched Rs72.15 crores.

“These plots are good for commercial point of view as they are located on the back of the service road. The plot sold in 2016 was good for residential as that was creek facing,” said Chheda.

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Free Press Journal