File Photo
File Photo

A 3,520 sqm plot at sector 19 in Sanpada received the highest bid of Rs 2,87,145 per sqm, indicating a revival of the real estate sector in Navi Mumbai. The plot alone fetched over Rs 100 crores to CIDCO. The bid price was almost three times of the base price of Rs 95,074 per sqm.

Earlier, a 4176.3 sqm plot in sector 19 in Ulwe received the highest bid of Rs 2,13,786 per sqm.

Shelton Group made the highest bid for the said plot. Meanwhile, by auctioning five plots in Sanpada and Kalamboli, CIDCO earned Rs 329 crores. For the last two months, CIDCO has increased the supply of plots which is likely to bring down house costs in days to come.

Haresh Chheda, president of Builder's Association Of Navi Mumbai (BANM) said that buyers will get options at a reasonable price. “Good supply of plots is good for both buyers and developers. While developers will come up with multiple projects, buyers will have options at a reasonable price,” said Chheda.

Another plot measuring 3,296 sqm at sector 19 in Sanpada received the highest bid from Godrej Properties of Rs 2,70,010 per sqm. The base price was Rs 77,468 per sqm.

However, another plot of 3,205 sqm at sector 18 received Rs 2,43,000 per sqm while the base price was Rs 77,469 per sqm meter. The plot was auctioned more than three times of base price. Similarly, other plots received two to three times of base price.

The base price of these plots offered through e-auctioning was between Rs 39,303 and Rs 95,074 per sqm. These plots can be developed with 1.5 FSI. However, developers can use more FSI as per the rules by paying an extra premium.

During February, CIDCO churned out more than Rs 1,200 crores by selling more than 25 residential cum commercial plots in various nodes of Navi Mumbai.

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