Navi Mumbai: CIDCO to churn out a minimum of Rs 350 crores from a plot adjoining NRI complex in Nerul

The base price of the plot is Rs 1,36,627 per sq meter and even if the plot is sold at the base price, CIDCO will churn out at least Rs 343 crores.

Amit SrivastavaUpdated: Tuesday, July 19, 2022, 11:57 AM IST
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CIDCO | Photo: Representative Image

Nerul: The City and Industrial Development Corporation (CIDCO) is likely to churn out a minimum of Rs 343 crores by auctioning a 25,138.86 sqm plot, adjoining the NRI Complex in Nerul. The plot is located at one of the most sought-after and premium locations in the city.

The base price of the plot is Rs 1,36,627 per sq meter and even if the plot is sold at the base price, CIDCO will churn out at least Rs 343 crores.

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.

In addition, there are four plots available at sector 19 in Nerul with the size of the plots vary 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.

CIDCO 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.

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