Navi Mumbai: CIDCO Makes Nearly Rs 2,000 Crore from 28 Plots Auction
The City and Industrial Development Corporation (CIDCO) has generated around Rs 2,000 crore through the auction of 28 plots designated for various developments, including residential, commercial, mixed-use, service industry, bungalows, and row houses. These plots are located in key areas such as Airoli, Ghansoli, Sanpada, Nerul, Kharghar, Panvel (E), and Dronagiri.
The bids were opened on Tuesday afternoon at CIDCO Bhawan in Belapur. Initially, CIDCO had offered 76 plots for auction but later removed one from the listing. Despite multiple deadline extensions, not all plots found buyers. However, the e-auction of 28 plots successfully secured ₹1,983 crore.
High Base Prices and Changing Developer Preferences
Manohar Shroff, Senior Vice President of MCHI-CREDAI Navi Mumbai, attributed the limited response to the high base prices set by CIDCO. “Developers now prefer larger plots for township projects, which are more readily available in Panvel and beyond. Demand for smaller plots has declined,” he noted. He also cited challenges in securing various permissions as another factor affecting participation.
Diverse Plot Offerings Over the Years
Despite this, CIDCO has actively made a variety of plots available over the past four years, catering to different development needs—from small row houses and bungalows to large-scale residential projects. In total, more than 1,000 plots have been put on offer across Navi Mumbai.
In this latest tender, plot sizes range from 41 sq. meters to 12,087 sq. meters, with a Floor Space Index (FSI) ranging from 1 to 1.5. While the base FSI is fixed, the maximum permissible FSI is governed by the Development Control & Promotion Regulations (UDCPR).
Record-Breaking Bids
A 3,235.98 sq. meter residential-cum-commercial plot in Sector 14, Kharghar, received the highest bid of ₹5,54,999 per sq. meter. An adjacent 5,394.23 sq. meter plot fetched the second-highest bid of ₹4,49,047 per sq. meter. Vihaa Realty emerged as the highest bidder for both.
Rising Land Prices in Navi Mumbai
The recent removal of height restrictions on buildings in Navi Mumbai has contributed to increasing land prices. In December 2023, CIDCO raised ₹1,160 crore from the auction of 17 plots. The highest bid in that auction was for a 2,459 sq. meter residential-cum-commercial plot in Sector 4, Nerul, which secured ₹6,46,803 per sq. meter.
