Navi Mumbai's Real Estate Market Soars: Four Cidco Plots in Nerul Sold for Rs 7.65 Lakh per Sq Metre

Navi Mumbai: The real estate market in Navi Mumbai has witnessed a significant surge, with four Cidco tender plots in Nerul being sold to a developer for a record-high price of Rs 7.65 lakh per sq metre. The deal, won by Parth Life Spaces realty group, has sparked discussions about the future of affordable housing in the area.

Parth Life Spaces will have to pay Cidco a total of Rs 1,500 crore for these four plots. Manohar Shroff, a partner of Shivam Builders group, commented, “The four adjoining tender plots in Nerul Sector 28, ranging from 4,500 sq m to 5,100 sq m, are located behind Jewel of Navi Mumbai Lake. However, this record-high land sale will ultimately put the burden on the consumers who will purchase realty spaces here. The new Navi Mumbai airport is also a factor for the high land rate; however, I feel that the builders must control the land prices and make corrections to ensure that the prices do not overshoot.”

Rajesh Prajapati, head of MCHI-Credai (Raigad), stated, “I do not want to speculate as to what caused these four Cidco land plots to be sold at such a high rate. It is a sensitive issue, and any speculation may directly affect the real estate market.” When contacted, a Cidco spokesperson confirmed the record-high land sales but declined to comment further.

Activist B N Kumar of NatConnect Foundation expressed his concerns, “After this record-high land bidding at Nerul, one wonders how the builder will be able to get bookings from consumers, because the prices may cross Rs 50,000 per sq ft here. Serious realty investors from India and even Dubai may be able to afford such rates, but not the common salaried people.”

RTI activist Anarjit Chauhan added, “Earlier, the middle-class people used to reside in Navi Mumbai and Thane. In the mid-nineties, as real estate rates increased, the working class went further to Panvel, Mira Road, and Vasai-Virar for affordable housing. So, only the super-rich will be able to live in places like Vashi, Nerul, Palm Beach Road. Who cares about the middle class anymore?”

The high land prices in Nerul are primarily attributed to the anticipated benefits from the upcoming Navi Mumbai International Airport. However, the impact on the local real estate market and the affordability for the working class remains a pressing concern. Developers and policymakers will need to address these issues to ensure a balanced and sustainable growth in the region.