CIDCO’s 2 Sanpada plots fetch over Rs 225 cr
Looks like the realty sector is bouncing back. The City and Industrial Development Corporation (CIDCO) chur ned out Rs 306 crore by auctioning six residential cum commercial plots in Kharghar, Kalamboli, and Sanpada nodes. The 5,858 sqm plot in Sanpada’s sector 18 fetched over Rs 153 crore in the e-auction.
Although the Sanpada plot is located on a service road along the Palm Beach Road, it fetched over 153 crore. A similar plot sold in 2016 had attracted a record price of Rs 3.39 lakh per sqm. In 2016, the plot was sold at Rs 3,39,339 per sqm while now the plot received the highest bid of Rs 2,62,548 per sqm.
Haresh Chheda, president of Builders Association of Navi Mumbai (BANM) said that the present plot is located in the backside of the service road while the plot sold in 2016 was a creek facing. “In 2016, there was a peak in the real estate sector and bidding was almost seven to eight-time of the base price. However, now, the market has corrected, and now the plot price under control,” said Chheda.
The base price of the plot was Rs 95,074 per sqm and it was sold in the e-auction at Rs 2,62,548 per sqm, almost three times of base price.
Another plot at Sector 18 in Sanpada node was sold at Rs 2,21,468 per sqm. The plot is in the same lane, 3283.12 sqm plot fetched Rs72.15 crore.
“These plots are good for commercial point of view as they located back of the service road. The plot sold in 2016 was good for residential as that was creek facing,” said Chheda.