CIDCO Rakes in ₹890 Crore from Navi Mumbai Plot Auctions
CIDCO, the City and Industrial Development Corporation, has achieved a significant milestone by earning ₹890 crore from the recent auction of plots in Navi Mumbai. This success comes as the Navi Mumbai International Airport (NMIA) prepares to commence operations next month, further boosting the region's real estate market.
CIDCO had invited bids for 32 plots across seven nodes, including Airoli, Ghansoli, Kharghar, and Nerul. However, only 10 plots received valid bids, generating the substantial revenue. The plots were designated for various uses, such as residential, bungalow, service industry, and residential-cum-commercial, with development potential ranging from 1.1 to 2 FSI, depending on the plot's nature.
A 3,001.03 sq metre residential-cum-commercial plot in Sector 6, Kharghar, attracted the highest bid. Abhinandan Builders offered a record-breaking price of ₹7.35 lakh per sq metre, more than double the base price of ₹3.35 lakh per sq metre. Real estate expert Manohar Shroff noted, “This is the highest price ever offered for any plot in the Kharghar node. It reflects growing interest from both builders and home buyers, particularly due to the proximity to the upcoming NMIA.” He added that the demand for housing is expected to see a sharp rise, along with prices.
Another significant bid came for a 20,955 sq metre residential-cum-commercial plot in Sector 37, Kharghar. This plot fetched ₹2.34 lakh per sq metre, against a base price of ₹2 lakh, garnering a total of ₹490 crore. According to developers, the recent removal of height restrictions in Navi Mumbai has led to increased demand for land, driving up bidding prices.
However, both developers and social activists are urging home buyers to ensure properties are registered with the Real Estate Regulatory Authority (RERA) before making any purchase. Prashant Shivajirao Angude, a social activist, recently flagged a developer in Kharghar for selling flats without RERA registration. “Home buyers must not fall prey to false promises. No project should be booked without valid RERA registration,” he warned.
This auction marks a significant step forward for Navi Mumbai's real estate sector, highlighting the region's potential and the growing interest from both local and international investors. The success of these auctions is expected to further stimulate economic growth and development in the region, benefiting both the local community and the broader economy.
