The City and Industrial Development Corporation (CIDCO) has announced the availability of 47 plots designated for residential, commercial, Service industry and bungalow purposes across various nodes in Navi Mumbai, including Ghansoli, Nerul, Kharghar, New Panvel, Koparkhairane, Dronagiri, Airoli, and Kalamboli. Over the past three years, CIDCO has offered plots of various sizes, ranging from bungalow plots to those suitable for larger residential complexes.
The plot sizes vary from 60 square meters to 12,087 square meters, with a Floor Space Index (FSI) ranging from 1.1 to 1.5. An official from CIDCO's Marketing department noted that the sale of booklets detailing these plots began on August 26.
Manohar Shroff, Senior Vice President of MCHI-CREDAI Navi Mumbai, remarked that the availability of such a large number of plots is likely to increase competition among developers. However, he advised homebuyers to invest only in RERA-registered projects, emphasizing the importance of due diligence before making any investments. Shroff also noted that the substantial supply has led to limited bidding in recent plot auctions.
Also Read: CIDCO Rakes In Rs 422 Crores from Auction of 13 Prime Plots in Navi Mumbai
In early August 2024, CIDCO generated around Rs 422 crores through the auction of 13 plots located in Kharghar, Kalamboli, Pushpak Nagar, Panvel, and New Panvel. The highest bid was placed on 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 secured the maximum bid of Rs 3,96,999 per square meter from Vihaan Infra.
A 2,459 square meter residential and commercial plot in Sector 4 of the Nerul node attracted the highest bid, at Rs 6,46,803 per square meter, with Falcon Electro Tek Private Limited emerging as the top bidder.