CIDCO churns out Rs 640 cr by selling 13 plots in Navi Mumbai

The City and Industrial Development Corporation (CIDCO) has churned out around Rs 640 crore by auctioning eight residential-cum-commercial plots – two fully residential and three fully commercial – in Belapur, Nerul, Kalamboli, Vashi, Sanpada and New Panvel nodes. The 2002 sqm plot in Nerul’s sector 29 received the highest bidding of Rs 2,31,000 per sq meter.

The planning agency had put up 17 commercial- cumresidential, residential and fully commercial plots in prime locations of seven nodes. However, it removed some of the plots and Kamothe node due to some technical reasons and later put up 13 plots for auction.

A 3909 sqm plot at sector 15 in Belapur received the second highest bidding of Rs 2,25,999 per sq meter. Priyanka Regency LLP bought the plot at Rs 88.34 crore. However, the Builders Association of Navi Mumbai (BANM) too had bid for the same plot and it had quoted Rs 1,82,900 per sqm. Haresh Chheda, president of BANM said that the builders’ association needs a plot. However, it is difficult to buy at a commercial rate.

Bhupendra Shah, trustee and chairman of BANM, said that BANM is registered as a charitable trust and CIDCO can allot plots under the social facility schemes. Meanwhile, another plot at sector 15 in Belapur fetched Rs 88.41 crore.

Four plots at sector 15 in Belapur were also put up for auction. According to developers, sector 15 in Belapur is one of the most sought-after locations in Belapur as it is near the Palm Beach Road, NMMC headquarter, NerulUran highway, and upcoming Nerul Jetty and Marina in Belapur.