The City and Industrial Development Corporation (CIDCO) has announced the availability of prime plots in Kharghar and Belapur for star hotels, offering them through an e-auction. Presently, Navi Mumbai faces a scarcity of luxury accommodations. With the upcoming commencement of operations at the Navi Mumbai International Airport (NMIA) projected for next year, the demand for high-end hotels is anticipated to rise significantly.
CIDCO is offering star hotel plots in Sector 23 of Belapur, located on Belapur-Urna, and in Sector 2 of Kharghar. Both locations are near the upcoming international airport.
The star hotel plot sizes in Belapur and Kharghar are 14,434.23 sqm and 11,538.23 sqm, respectively. These plots can be developed with a 1.5 FSI. However, the maximum permissible FSI will adhere to the approved Unified Development Control & Promotion Regulations (UDCPR) for Maharashtra State as sanctioned by the state government. The base price for these two star hotel plots is Rs 1,48,329 per sqm for Belapur and Rs 1,37,758 per sqm for Kharghar.
In addition, CIDCO is also offering plots for residential, residential-cum-commercial, bungalow, and service industry purposes in Ghansholi, Nerul, Kharghar, New Panvel, Kalamboli, Pushpak Nagar, and Koparkhairane.
Plots for the service industry can be developed with a 1 FSI, while bungalow and small residential plots are available with a 1.1 FSI.
Manohar Shroff, senior vice president of MCHI Credai Navi Mumbai, commented that CIDCO has made a large number of plots available, which is likely to foster competition among developers. However, he noted that in the past, many plots did not receive bids. "The planning agency needs to review the base price. Increased competition among developers will drive up house prices, ultimately affecting common home buyers," said Shroff.
The removal of height restrictions on buildings in Navi Mumbai has unlocked the potential for higher land prices. In December 2023, CIDCO earned Rs 1,160 crores from the auction of 17 plots across Navi Mumbai.
Earlier, a 2,459 sqm residential-cum-commercial plot in Sector 4 of the Nerul node received the highest bid price at Rs 6,46,803 per sqm, with Falcon Electro Tek Private Limited emerging as the top bidder.