CIDCO Generates Rs 2,000 Crore from Auction of 28 Prime Plots Across Navi Mumbai

The City and Industrial Development Corporation (CIDCO) generated approximately Rs 2,000 crore from the auction of 28 plots designated for various purposes, including residential, residential-cum-commercial, commercial, service industry, bungalow, and row house developments. These plots are located in prime areas such as Airoli, Ghansoli, Sanpada, Nerul, Kharghar, Panvel (E), and Dronagiri. The bids were opened on Tuesday afternoon at CIDCO Bhawan in Belapur.

Earlier, CIDCO had offered 76 plots across the city but later removed one plot from the auction. Despite multiple extensions, it failed to attract buyers for all the plots. However, the e-auction of 28 plots successfully garnered Rs 1,983 crore.

Manohar Shroff, Senior Vice President of MCHI-CREDAI Navi Mumbai, attributed the lukewarm response to the high base prices set for the plots. “Developers now prefer larger plots to build townships, which are more readily available in Panvel and beyond. The demand for smaller plots has declined,” he explained. He also pointed out that challenges in obtaining various permissions could be another factor affecting participation.

Despite this, CIDCO has made a diverse range of plots available over the last four years, catering to different needs—from row houses and bungalows to large residential complexes. In total, it has offered over 1,000 plots across Navi Mumbai.

In the current tender, plot sizes range from 41 sq. meters to 12,087 sq. meters, with a development potential of 1 to 1.5 Floor Space Index (FSI). While the base FSI can be adjusted, the maximum permissible FSI is governed by the Development Control & Promotion Regulations (UDCPR).

A 3,235.98 sq. meter residential-cum-commercial plot in Sector 14, Kharghar, received the highest bid of Rs 5,54,999 per sqm. An adjacent plot measuring approximately 5,394.23 sq. meters received the second-highest bid of Rs 4,49,047 per sq. meter. Vihaa Realty emerged as the highest bidder for both plots.

The recent removal of height restrictions on buildings in Navi Mumbai has further contributed to rising land prices. In December 2023, CIDCO earned Rs 1,160 crore from the auction of 17 plots across the city. The highest bid in that auction was for a 2,459 sqm residential-cum-commercial plot in Sector 4, Nerul, which fetched Rs 6,46,803 per sqm.