CIDCO auctions 8 plots in Navi Mumbai, earns 413 cr

A plot admeasuring 3876 sqm in Sanpada sector 18 received the highest bid of Rs 2,52,000 per sqm

The City and Industrial Development Corporation (CIDCO) earned Rs 413 crore by selling 8 residential cum commercial plots in Kalamboli, Sanpada, and Koparkhairane node of Navi Mumbai. A plot admeasuring 3876 sqm in sector 18 in Sanpada received the highest bid of Rs 2,52,000 per sqm. The base price of the plot was Rs 95,074 and plots were sold through e-auction.

The planning agency made Rs 4,13,18,22,087 by auctioning 15 plots. Early this month, CIDCO had earned Rs 677 crore by selling 19 plots across the city.

However, another plot of 3205 sqm at sector 18 received Rs 2,43,000 per sqm while the base price was Rs 77,469 per sqm meter. The plot was auctioned more than three times of base price. Similarly, other plots received two to three times of base price.

Developers say that the price is reasonable and this can be a stimulus for the real estate sector in the city.

Haresh Chheda, president of Builders Association of Navi Mumbai ( BANM) said that the bidding price pattern shows a lot of correction has happened in the last five to six years, and now the price is reasonable. However, he added that it is good developers from the city are showing interest in plots being offered.