Navi Mumbai real estate shows signs of recovery

A 3,520 square metre plot at Sector 19 in Sanpada received the highest bid of Rs 2,87,145 per square metre, indicating a revival of the real estate sector in Navi Mumbai. The plot alone fetched over Rs 100 crore to City and Industrial Development Corporation (CIDCO). The bid price was almost three times of the base price of Rs 95,074 per square metre. Earlier, a 4,176.3 square metre plot in Sector 19 in Ulwe received the highest bid of Rs 2,13,786 per square metre. Shelton Group made the highest bid for the said plot. Meanwhile, by auctioning five plots in Sanpada and Kalamboli, CIDCO earned Rs 329 crore. For the last two months, CIDCO has increased the supply of plots, which is likely to bring down the cost of homes in the days to come. Haresh Chheda, president of Navi Mumbai Builders Association (BANM), said that buyers will get options at a reasonable price. “Good supply of plots is good for both buyers and developers. Developers will come up with multiple projects and buyers will have options at a reasonable price,” said Chheda.

Another plot measuring 3,296 square metres at Sector 19 in Sanpada received the highest bid from Godrej Properties of Rs 2,70,010 per square metre. The base price was Rs 77,468 square metre. Meanwhile, another plot of 3,205 square metres at Sector 18 received Rs 2,43,000 per square metre while the base price was Rs 77,469 square metre. The plot was auctioned for more than three times of the base price. Similarly, other plots received two to three times of the base price.

The base price of these plots offered through e-auctioning was between Rs 39,303 and Rs 95,074 per square metre. These plots can be developed with 1.5 FSI. However, developers can use more FSI, as per the rules by paying an extra premium.

In February, CIDCO churned out more than Rs 1,200 crore by selling more than 25 residential-cum-commercial plots in various nodes of Navi Mumbai.