CIDCO gets bids worth Rs.392 crores for 4 land parcels in Navi Mumbai

MUMBAI: The City and Industrial Development Corporation of Maharashtra or CIDCO has received bids worth total Rs 392 crore through an auction of four land parcels in Navi Mumbai, said two persons familiar with the development.

Of the four land parcels auctioned by CIDCO, the highest bid received for a sea-facing 1.83 acre plot on Palm Beach road. The residential-cum-commercial plot with 1.5 times floor space index received highest bid of 248 crore or Rs 3.33 lakh per sq meter. FSI is the ratio of permissible development on any given land parcel. A commercial plot spread over 1.85 acre in sector 18 of Vashi received highest bid of nearly Rs 100 crore or Rs 1.33 lakh per sq meter. The plot will have FSI of 1.5 times.

CIDCO officials could not be reached immediately for a comment.

These four plots also included two plots in Koparkhairane that fetched total Rs 43.63 crore. The first plot is spread over 0.23 acre and has FSI of 1 for residential development, while the second plot is spread over 0.39 acre with 1.5 times FSI for residential-cum-commercial development. “Navi Mumbai property prices are still reasonable given the proposed airport and Nhava Sheva-Sewri link project. Bids for these plots indicate the short supply of land parcels being auctioned by CIDCO and anticipation of improvement in housing sales,” said Manohar Shroff, vice president MCHI Navi Mumbai.

The tenders were received and opened on Thursday evening. The highest bidding developers for these plots are existing builders operating in Navi Mumbai property market.

Credits ET Realty

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