File Photo
File Photo

The City and Industrial Development Corporation (CIDCO) has churned out Rs 346.76 crore by selling 15 residential cum commercial plots in Kharghar, Kalamboli, Sanpada, and Ulwe node of Navi Mumbai.

A plot admeasuring 4176.3 sqm in sector 19 in Ulwe received the highest bid of Rs 2,13,786 per sqm, almost six times of base price. The plots were sold through e-auction.

The planning agency made Rs 3,46,76,09,707 by auctioning 15 plots. In two consecutive auctioning, CIDCO earned Rs 677 crores by selling 21 plots across the city. However, most of the plots were sold double and one and a half times of base price. In the past, such kinds of plot had attracted seven to eight times of the base price. Developers say that the price is reasonable and this can be stimulus for the real estate sector in the city.

Haresh Chheda, president of Builders Association of Navi Mumbai (BANM) said that the price is reasonable with the current market condition. "The good supply of plots will tide over the scarcity of lands and it will help in stabilizing the price of homes," said Chheda.

The base price of these plots offered through e-auctioning was between Rs 44,689 and Rs 95,074 per sqm. These plots can be developed with FSI ranging from 1.1 to 1.5. However, developers can use more FSI as per the rules by paying an extra premium.

The base price of the Ulwe plot admeasuring 4176.3 sqm located at sector 19 was 36,061 per sqm and it received the highest bid of Rs 2,13,786 per sqm from the NMS Enterprises, almost six times.

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Free Press Journal