Navi Mumbai developers expect CIDCO's Nerul plot to sell three to four times higher than base price

The plots are likely to get a record bidding price because of their locations and sizes, the developers said.

Amit SrivastavaUpdated: Tuesday, August 02, 2022, 09:51 AM IST
article-image
Navi Mumbai developers CIDCO's Nerul plot to sell three to four times higher than base price | Photo: Representative Image

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.

The city developers are expecting that the prices quoted for plots adjoining the NRI complex will be three to four times higher than the base price. The plots are likely to get a record bidding price because of their locations and sizes, they said.

The 25,138.86 sqm plot in sectors 54, 56 and 58 is currently priced at Rs 1,36,627 per sqm. The EMD for this plot is Rs 29.49 crores.

The bidding will begin on August 4 even as a section of residents and environmentalists are opposing the sale of the plot. They have alleged that the plot falls under the Coastal Regulation Zone (CRZ)and the planning agency shouldn't auction or sell the plot for construction purposes.

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 a 1.1 to 1.5 Floor Space Index, developers can get more permissible FSI under the Unified Development Control & Promotion Regulations (UDCPR) by paying an additional premium.

Other available plots

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 say that major parts of the revenue will be generated from a 25,138 sqm plot in Nerul.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Police: Death toll in Afghan capital mosque bombing now 21

Police: Death toll in Afghan capital mosque bombing now 21

1st ODI: India captain KL Rahul win toss, opts to bowl against Zimbabwe

1st ODI: India captain KL Rahul win toss, opts to bowl against Zimbabwe

BJP leader Hussain's challenge to order directing registration of FIR in rape case dismissed

BJP leader Hussain's challenge to order directing registration of FIR in rape case dismissed

Kannur University V-C to approach Kerala High Court against Governor Arif Mohammed Khan

Kannur University V-C to approach Kerala High Court against Governor Arif Mohammed Khan

Mumbai updates: Food deliveries in plastic boxes to be banned soon

Mumbai updates: Food deliveries in plastic boxes to be banned soon