CIDCO Rakes in ₹890 Crore from Navi Mumbai Plot Auctions
CIDCO has successfully earned nearly ₹890 crore from the auction of 10 plots in Navi Mumbai, with one plot in Kharghar fetching a record-breaking price of ₹7.35 lakh per sq metre. This reflects growing interest from developers and home buyers due to the proximity to the upcoming Navi Mumbai International Airport (NMIA).
Navi MumbaiCidcoReal EstateAuctionNavi Mumbai International AirportReal Estate MumbaiSep 25, 2025
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.
Frequently Asked Questions
What is CIDCO?
CIDCO stands for the City and Industrial Development Corporation. It is a statutory body established by the Government of Maharashtra to develop new towns and industrial areas in the state, particularly around Mumbai.
How much did CIDCO earn from the recent plot auction?
CIDCO earned ₹890 crore from the recent auction of 10 plots in Navi Mumbai.
Which plot fetched the highest price in the auction?
A 3,001.03 sq metre residential-cum-commercial plot in Sector 6, Kharghar, fetched the highest price of ₹7.35 lakh per sq metre.
Why is the proximity to the Navi Mumbai International Airport significant for real estate?
The proximity to the Navi Mumbai International Airport (NMIA) is significant because it enhances connectivity and infrastructure, making the area more attractive for both residential and commercial development.
What is RERA and why is it important for home buyers?
RERA stands for the Real Estate Regulatory Authority. It is a regulatory body established to protect the interests of home buyers and promote transparency in the real estate sector. Home buyers should ensure properties are registered with RERA to avoid legal issues and ensure the project's legitimacy.
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