Real estate prices in Navi Mumbai are going through the roof. Cidco set a new record on Thursday, after it sold a plot in Sanpada at Rs 3.39 lakh per sqm through bidding process.
And the bidder was city-based Nivasti Developers LLP (limited liability partnerships). It quoted the highest price at Rs3,39,339 per sqm for the 3,050-sqm residential-cum-commercial plot at sector 13 in Sanpada. The plot alone fetched Rs 103 crore to Cidco.
Some among the 20 developers who vied for the plot believe that the plot could have fetched even more. They point out that the location of the plot is one of the best in Navi Mumbai.
"The plot does not fall under the proposed international airport zone and can be used for high-risers," said Haresh Chheda, secretary of Builders' Association of Navi Mumbai.
Cidco had invited applications for the lease of four residential-cum-commercial plots in Nerul and Sanpada.
Nivasti Developers, however, was not available for reaction and an email sent to them failed to get any response.
In 2015, a Nerul plot had received maximum price of Rs 2.82 lakh per sqm. City-based developers Shree Shawan Builders had bought 1601.78 sqm residential-cum-commercial plot at sector 44A in Nerul at Rs 2,82,333 per sqm.
Cidco churned out a total of Rs319 crore through bidding of four plots, two in Nerul and two in Sanpada. The other plot in Sanpada received a price of Rs3,07,555 per sqm.
Akshar Developers won the bid for another plot in Sanpada. Around 5,122 sqm plot at sector 13 in Sanpada received a maximum bidding of Rs 3,07,555 per sqm from Akshar Developers. A total of 12 bidders had vied for the plot.
Two plots from Nerul node were also sold through bidding. However, Nerul plots could not fetch the price as it was expected. The plot is located at sector 13 and the size of the plots are 1,456 and 1,975 sqm. Maximum price for these two plots were quoted Rs 1,64,000 and Rs 1,73,600 per sqm respectively.
"We have received a total 57 bidding for the four plots located in Nerul and Sanpada. Cidco would receive Rs319 crore from leasing these plots," said Dr Mohan Ninawe, senior public relation officer of Cidco.
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