Navi Mumbai: The City and Industrial Development Corporation (CIDCO) has earned around Rs1,400 crore from the auction of 30 plots in Kharghar, Kalamboli, Kamothe, and New Panvel. The planning agency had also offered two plots for row houses, which received bidding around four times the base price.
Base price range Rs30,000-Rs90,000
With a floor space index (FSI) available between 1.1 and 1.5, these land parcels can be used for residential, row house and residential cum commercial purposes. The base price ranged from Rs30,000-Rs90,000.
Of the 30 plots, 20 are available in different parts of Kharghar. It is one of the developed nodes and houses a number of educational institutions. Apart from the upcoming Metro Rail, Kharghar also boasts of a golf course and an ISKCON temple.
A 3,646 sq meter plot at sector 11 in Kharghar received the highest bid of Rs3,76,999 per sq meter from Vihaan Infra. The land was finally auctioned for a whopping Rs137 crore. Similarly, two plots offered for row houses in sector 12 received around four times the base price. A 41.6 sq meter row house plot with Rs61,463 sq m base price received the highest bid of Rs3,23,300 per sq meter. There were 36 bidders. Similarly, another 60.56 sq meter row house plot received the highest bid of Rs2,51,087 per sq meter. Both the plots can be developed at 1.1 FSI.
According to developers, the high bidding price shows that the real estate market is stable. The trend also projects good returns for developers. In the two years, the CIDCO has made available a large number of plots for sale and this has controlled the skyrocketing prices of houses.
Pointers:
HL : Deal details
30
Number of plots auctioned
Kharghar, Kalamboli, Kamothe, and New Panvel
Location of plots
1.1 to 1.5
Available FSI
Rs30,000-Rs90,000
Base price range
Rs3,76,999
Highest bid per sq meter
