Douglas elliman, Real estate

The bid for 75 plots, designated for various uses—including residential, residential-cum-commercial, commercial, service industry, bungalow, and row house purposes—at prime locations across Airoli, Ghansoli, Sanpada, Nerul, Kharghar, Panvel (E), and Dronagiri, will be opened on Tuesday. These plots are being offered by the City and Industrial Development Corporation (CIDCO) on lease through an E-Tender and E-Auction process.Originally, CIDCO had set the deadline for bid submission as February 16, 2025. However, due to technical reasons, the tender opening deadline has been extended by one day. The new deadline for bid submission is now 12 pm on February 17, and the tender will be opened on February 18, 2025, at 3 pm.For the past four years, CIDCO has made available plots of various sizes, ranging from row house and bungalow plots to larger residential complexes. Plot sizes vary from 41 sq meters to 12,087 sq meters, with development potential ranging from 1 to 1.5 FSI (Floor Space Index). While the base FSI can be adjusted, the maximum permissible FSI is governed by the guidelines set under the Development Control & Promotion Regulations (UDCPR).In addition to bungalow plots, there are 28 plots designated for residential, commercial, service industry, and residential-cum-commercial purposes. For instance, a 2,641 sq meter residential-cum-commercial plot in Nerul is priced at Rs 3,10,281 per square meter. Similarly, a 794 sq meter residential plot in Sector 34 of Airoli is priced at Rs 3,00047 per square meter. CIDCO has also offered multiple plots in Kharghar, Dronagiri, Ghansoli, and Nerul. The base price for bungalow plots ranges from Rs 1,17,781 to Rs 1,32,497 per square meter.Manohar Shroff, Senior Vice President of MCHI Credai Navi Mumbai, noted that the availability of such a large number of plots will likely intensify competition among developers. However, he criticized CIDCO for raising the base price of the plots, which, according to him, is driving up the cost of land and, in turn, the price of homes.The removal of height restrictions on buildings in Navi Mumbai has further boosted land prices. In December 2023, CIDCO earned ₹1,160 crores from the auction of 17 plots across Navi Mumbai. The highest bid in this auction was for a 2,459 sq meter residential-cum-commercial plot in Sector 4 of the Nerul node, which fetched a bid price of Rs 6,46,803 per square meter. Falcon Electro Tek Private Limited emerged as the highest bidder for this plot.

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