CIDCO Rakes in INR 422 Crores from Plot Auction

Mumbai: The City and Industrial Development Corporation (CIDCO) has successfully garnered INR 422 crores from the recent auction of 13 prime plots across various locations in Navi Mumbai. This auction featured land parcels in sought-after nodes including Kharghar, Kalamboli, Pushpak Nagar, Panvel, and New Panvel. Initially, CIDCO had put 48 plots on the block, encompassing both residential and residential-cum-commercial spaces.

The plots auctioned have development potential ranging from 1.1 Floor Space Index (FSI) to 2 FSI, with base prices set between INR 90,000 and INR 3 lakh per square metre. Out of the 13 plots that attracted bids, eight are situated in Kharghar and Pushpak Nagar. Kharghar, known for its well-established infrastructure, including educational institutions, the forthcoming Metro Rail, a golf course, and the ISKCON temple, saw high levels of interest. Pushpak Nagar, a developing area close to the Panvel-JNPT road and the soon-to-be-built Navi Mumbai International Airport, also attracted significant bidding activity.

The highest bid was recorded for a 447-square-metre plot in Sector 11, Kharghar, which fetched an impressive INR 2,68,942 per square metre. Additionally, a larger 2,216.38-square-metre plot in the same sector achieved a top bid of INR 3,96,999 per square metre from Vihaan Infra. In Pushpak Nagar, four plots, each exceeding 2,000 square metres, garnered bids approximately 50% above the base price, highlighting the area’s growing appeal.

Industry experts attribute the robust bidding to a stable real estate market, where bid prices are reportedly three to four times the base rates. This trend suggests that developers are optimistic about the substantial returns these plots are likely to offer. Over the past three years, CIDCO’s release of land parcels has played a pivotal role in stabilising housing prices in the region.

A spokesperson from MCHI-CREDAI Navi Mumbai noted that CIDCO’s increased plot availability could intensify competition among developers. However, prospective homebuyers are advised to invest only in RERA-registered projects and conduct thorough due diligence before making purchasing decisions.