A 6000-sqm Nerul plot received the highest ever price of Rs 2,99,999 per sqm during an e-auction of plots put by the City and Industrial Development Corporation (CIDCO). The bid price is the highest of the node so far and the developers’ body claimed revival of the real estate sector in the city.
According to developers from Navi Mumbai, Nerul is one the most sought-after locations for residential purposes and that is why the plot has received such a high price. Haresh Chheda, president of Builders Association of Navi Mumbai (BANM) said that Nerul is the only node that is purely residential with a number of amenities like gardens and playing areas.
The plot is located at sector 10A and the size of the plot is 6056 sqm. While the base price of the plot was Rs 97,778 per sqm, it received Rs 2,99,999 per sqm which is almost three times. The plot is a residential cum commercial purpose and it can be developed with 1.5 FSI. Pyramid Infra is a successful bidder with Rs 2,99,999 per sq meter.
Chheda said that Rs 299,999 is the highest price for Nerul node for a plot received so far. “A Sanpada plot had received Rs 3,33,333 per sqm meter around six to seven years,” said Chheda. He added that Nerul is the only node that has a clear view of the sea and adjoining with Palm Beach Road, and highways. The jetty is also coming up in Nerul near the NRI complex where the water transport will start very soon.
Another two adjoining plots in sector 25 in Nerul received Rs 2,81,999 per sq meter. However, the size of these plots is around 600 sqm respectively. These two plots can be used for residential purposes only. Last week, the planning agency sold 31 plots through auction and collected over Rs 600 crores.
In the last year, CIDCO has brought in more than 800 plots across the city and this has resulted in controlling the rising prices of houses.
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