CIDCO earns 56 cr from sale of 27 bungalow plots

The bungalow and row house plots put up for sale by the City and Industrial Development Corporation (CIDCO) in Ghansoli and New Panvel received a lukewarm response as the bid prices went up to just three times the base price. Developers from Navi Mumbai claimed that in the past, such plots attracted a higher bidding price. However, from the sales of 27 such plots, CIDCO churned out Rs 56 crore.

After a long time, CIDCO had come up with plots for bungalows and row-house in Ghansoli and New Panvel. The plots were sold through e-auction. Of the 27 plots, 15 plots were in New Panvel and 12 plots in Ghansoli. While the minimum size of the plot is 66 sqm, the maximum size is 831 sqm for bidding. These plots can be developed for residential purposes only like row-house and bungalows with 1 FSI.

Haresh Chheda, president, Builders Association of Navi Mumbai said that during the auction, plots meant for row-house and bungalow had always attracted a price that is six to seven times more than the base price. “The low bidding is showing that the real estate market scenario is still struggling to come out from pandemic effect,” said Chheda.

The base price plots in Ghanosli ranges from Rs 30,800 per sqm to Rs 35,813 per sqm and the base price for New Panvel plots is around Rs 39,200 per sqm. The bid was opened on January 15 evening.

“With such land sale schemes, ordinary citizens and developers have got a golden opportunity to make their dreams come true at the beginning of the new year. CIDCO will provide many such golden opportunities in the future as well,” said Dr. Sanjay Mukherjee, Vice President and Managing Director of CIDCO.