CIDCO Rakes in Rs 422 Crores from Auction of 13 Prime Plots in Navi Mumbai

The City and Industrial Development Corporation (CIDCO) has raised approximately Rs 422 crores through the auction of 13 plots in Kharghar, Kalamboli, Pushpak Nagar, Panvel, and New Panvel. Originally, CIDCO had offered a total of 48 plots, including shop spaces.

The available plots are designated for residential and residential-cum-commercial purposes, with permissible development ranging from 1.1 FSI to 2 FSI. Base prices for these plots varied between Rs 90,000 and Rs 3 lakh per square meter.

Of the 13 plots that received bids, eight are located in Kharghar and Pushpak Nagar. Kharghar, a well-developed node, features several educational institutions, the upcoming Metro Rail, a golf course, and the ISKCON temple. Pushpak Nagar, still in development, saw four residential-cum-commercial plots with 2 FSI successfully auctioned. The remaining plots are in Kalamboli, Panvel, and New Panvel.

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The highest bid was for a 447-square-meter plot in Sector 11, Kharghar, which fetched Rs 2,68,942 per square meter. A 2,216.38-square-meter plot in the same area received the maximum bid of Rs 3,96,999 per square meter from Vihaan Infra.

In Pushpak Nagar, four plots, each exceeding 2,000 square meters, received bids at around a 50% premium over the base price. This node, located along the Panvel-JNPT road and near the upcoming Navi Mumbai International Airport, is attracting significant interest.

According to developers, the strong bidding reflects a stable real estate market, with bid prices being three to four times the base price. This suggests that bidders anticipate substantial returns from developing these plots. Over the past three years, CIDCO’s release of numerous plots has helped stabilize housing prices.

Manohar Shroff, Senior Vice President of MCHI-CREDAI Navi Mumbai, noted that the increased availability of plots from CIDCO is likely to spur competition among developers. However, he advises homebuyers to purchase only from RERA-registered projects and to thoroughly verify before making any investment.