The City and Industrial Development Corporation (CIDCO) has initiated an e-auction for prime hotel plots in Kharghar and Belapur, strategically positioned near the upcoming Navi Mumbai International Airport (NMIA).
This move comes in anticipation of heightened demand for luxury accommodations with the impending launch of the airport next year. CIDCO has made available star hotel plots in Sector 23 of Belapur, situated on Belapur-Urna, and in Sector 2 of Kharghar. These locations are strategically chosen to capitalize on the anticipated influx of travellers and tourists once the new airport becomes operational. The plots earmarked for star hotels measure 14,434.23 sqm in Belapur and 11,538.23 sqm in Kharghar, both boasting a permissible Floor Space Index (FSI) of 1.5.
However, the maximum FSI will align with Maharashtra State’s Unified Development Control & Promotion Regulations (UDCPR) as approved by the state government. The base price for these plots is set at Rs 1,48,329 per sqm for Belapur and Rs 1,37,758 per sqm for Kharghar. In addition to these hotel plots, CIDCO is offering various other plots across Ghansholi, Nerul, Kharghar, New Panvel, Kalamboli, Pushpak Nagar, and Koparkhairane for residential, residential-cum-commercial, bungalow, and service industry developments. Plots designated for the service industry carry a 1 FSI, while bungalow and smaller residential plots are available with a 1.1 FSI. Manohar Shroff, Senior Vice President of MCHI Credai Navi Mumbai, commented on the significant opportunity presented by CIDCO’s plot offerings, anticipating robust competition among developers.
However, Shroff highlighted concerns regarding past auctions where many plots remained unbidded, suggesting a potential need for CIDCO to review base prices to ensure broader participation and fair market dynamics. The recent removal of height restrictions on buildings in Navi Mumbai has further enhanced the potential value of these plots. CIDCO’s recent auction of 17 plots across Navi Mumbai in December 2023 generated Rs 1,160 crores, underscoring the growing investor interest in the region’s real estate sector.
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