Cidco to auction 14 plots in Navi Mumbai at a base price of over Rs 146 crore

The  City and Industrial Development Corporation of Maharashtra (Cidco), the planning authority for Navi Mumbai, a satellite city near Mumbai, has decided to e-auction 14 plots of over 23,000 square metres at a base price of over Rs 146 crore, according to a document released by it.

The 14 plots are located in the Airoli, Kalamboli, Kamothe, Koparkhairane, and Panvel areas of Navi Mumbai.

Of the 14 plots, 10 are located in Panvel. The size of the plots ranges between 300 square metres to over 5,000 square metres.

The biggest plot is over 5,300 square metres, in Panvel, The base price is Rs 75,999 per square metre, which takes the total cost of the plot to over Rs 40 crore. The plot is meant for both residential and commercial construction.

The smallest plots for auction are also in Panvel, measuring 360 square metres, for which the base price per square metre is Rs 41,283, with the total cost coming to Rs 1.48 crore. These plots are meant for residential use only.

In Airoli, the plot is of 1,278 square metres, and the base price is over Rs 10 crore. In Koparkhairane, the plot size is 1,854 square metres, with a base price of Rs 15.40 crore.

In Kamothe the asking price is Rs 17.50 crore for 3,024 square metres, and in Kalamboli the price is Rs 8.88 crore for 1,534 square metres.

Of the total 14 plots being auctioned, seven are meant for dual use, i.e., both residential and commercial, while the rest are for residential use only.

This development comes on the back of Cidco’s announcement on July 30, when it removed the earlier cap of 55 metres (15-16 floors), and  said that all buildings proposed to be developed within a radius of 20 km from the upcoming Navi Mumbai International Airport (NMIA) will now be permitted to build up to 160 metres (46-48 floors).

The sale and application submission window for e-auction documents started on August 15, and will go on till September 6th. The results of the auction will be declared on September 8th, according to the schedule shared by the Cidco.

Last month too Cidco had announced the e-auction of 16 plots in Navi Mumbai, from which it is estimated to clock around Rs 300 crore.

Perfect timing Raajesh Prajapati, founder-president, Maharashtra Chamber of Housing Industry- Confederation of Real Estate Developers' Associations of India (MCHI-CREDAI), Raigad, said, "The base price of Rs 146 crore is just the asking price. The competitive nature of the e-auction will ensure that Cidco raises more than this. The timing of the auction is perfect, considering that it is coming right after the height restriction was raised. This is a win-win situation for all parties."