The City and Industrial Development Corporation (CIDCO) has extended the deadline for participating in the bidding for 26 residential cum commercial, bungalow, and commercial purposes plots in Ghansoli, Vashi, Sanpada, Nerul, Kharghar, New Panvel, and Kalamboli nodes in Navi Mumbai for the third time.
Now, the last date for bidding for plots is May 21, and the e-auction will be held on May 22. The result will be declared on the same day.
For the past three years, CIDCO has made available more than 3000 plots of all sizes, from raw house bungalow plots to plots for bigger residential complexes.
However, for the last couple of biddings, the planning agency reportedly failed to attract buyers, and it had to extend the deadline. In December last year, CIDCO offered 36 plots for residential as well as commercial purposes. But it received bidding for only 17 plots. The remaining 19 plots either received one bid or no bid even after twice extension.
Manohar Shroff, senior vice president of MCHI Credai Navi Mumbai, says that a high base price and oversupply could be the reason for poor responses. “Developers always wait for plots in Navi Mumbai. Tender plots from CIDCO are safe for development as there are chances of issues,” said Shroff, adding that the poor responses might be reflecting the present market condition.
According to developers from Navi Mumbai, of the 26 plots, there are 13 bungalow plots. “While developers buy plots for commercial purposes, bungalow plots are bought by individuals for their own houses. “A bungalow plot goes for crores, making it difficult for individuals to buy and develop their own house,” said a city-based developer.
The size of plots ranges from 131 sq meters to 6927 sq meters, and these plots can be developed with 1.1 FSI.
Of the 26 plots, CIDCO has offered 13 plots for bungalows, and they are located at sector 19 in Kharghar. The base price of bungalow plots ranges from Rs 1,31,591 to Rs 1,60,591 per sq meter. Similarly, there are 10 plots for residential cum commercial purposes, and they are located in Ghansoli, Nerul, New Panvel (E), and Vashi.
Removal of height restrictions on buildings in Navi Mumbai has unlocked the potential of land prices. In December 2023, a 2459 sq. meters residential cum commercial plot in sector 4 in the Nerul node received the highest bid price at Rs 6,46,803 per sq meter, with Falcon Electro Tek Private Limited emerging as the top bidder.