Navi Mumbai: In a landmark achievement, the City and Industrial Development Corporation (CIDCO) has set a new record by selling a 41,994 sq. m. plot in Kharghar’s Sector 23 for an unprecedented ₹2,125 crore through an e-auction — the highest bid ever received in CIDCO’s 55-year history.
Aakar Astron Bags Plot with ₹5.06 Lakh per Sq. m. Bid
The premium plot was purchased by developer Aakar Astron, which emerged as the top bidder at ₹5,06,001 per sq. m. The e-auction, introduced to ensure transparency, fair competition, and higher revenue generation, drew intense participation from top real estate firms.
Plot Disposal Scheme-46 and Court Intervention
Recently, CIDCO offered 30 plots under Plot Disposal Scheme-46 for residential, commercial, bungalow, service industry, and warehouse purposes. Bids for 29 plots were declared on October 17, while the result for Plot No. 8 in Kharghar Sector 23 was withheld due to pending issues.
Developer Aakar Astron, one of the bidders, later approached the Bombay High Court seeking directions to open the withheld bids. During the hearings, CIDCO officials informed the court that technical glitches had affected some bidders on the final day of the e-auction, prompting several to email their concerns. CIDCO maintained that its intent was to secure the best market price for public land.
Government and Court Directives Pave the Way
Following directions from the Bombay High Court and intervention by the Chief Minister’s Office, CIDCO opened the pending bids on Wednesday, despite it being a government holiday.
The move resulted in a record-breaking sale, with the Kharghar plot bringing in ₹2,125 crore — a major boost to CIDCO’s revenue.
Intense Competition Among Top Bidders
The auction saw fierce competition among the top three participants:
Aakar Astron: ₹5,06,001 per sq. m. (winning bid)
Noble Organics Pvt. Ltd.: ₹5,05,001 per sq. m.
Lodha Developers Ltd.: ₹5,01,000 per sq. m.
In total, eight bidders participated. According to the official auction report, the top three bids were submitted within the final seconds — Noble Organics placed its bid with 10 seconds remaining, while Aakar Astron’s winning bid came just four seconds before the deadline.
‘A Vote of Confidence in CIDCO and Navi Mumbai’
“The overwhelming response to the Kharghar plot auction reaffirms investors’ confidence in CIDCO’s transparent e-auction system and highlights the growing potential of Navi Mumbai as a prime business destination,” said a CIDCO spokesperson.
