The City and Industrial Development Corporation (CIDCO) has put up 16 residential cum commercial plots in five nodes of Navi Mumbai for auction. These plots are located at prime locations in the city including near the NRI Complex in Nerul and the APMC market in Vashi.
Developers from the city say that these plots are likely to get a record bidding price because of their locations and sizes.
For the last couple of years, the planning agency made available all kinds of plots including residential cum commercial plots across the city. In the present auction, CIDCO has made available around 48,000 sqm area from all 16 plots.
While these plots can be developed with 1.1 to 1.5 FSI, developers can get more permissible FSI under the Unified Development Control & Promotion Regulations (UDCPR) by paying an additional premium.
A 25,138.86 sqm plot adjoining the NRI complex in sectors 54, 56 and 58 Nerul is available for auction with a base price of Rs 1,36,627 per sqm. The EMD for this plot is Rs 29.49 crores.
In addition, there are four plots available at sector 19 in Nerul with the size of the plots varying from 1200 sqm to 3000 sqm.
Apart from Nerul, a 3870 sqm plot is available at sector 18 in Vashi with a base price of Rs 1,36,627. This plot is near the Sion-Panvel highway and adjoining the APMC administrative complex. Other plots are available in Panvel, Kalamboli and Ghansoli.
CIDCI is likely to churn out more than 1000 crores by auctioning these plots. Developers from the city say that major parts of the revenue will be generated from a 25,138 sqm plot in Nerul.
