Cidco plots in Navi Mumbai sold at triple their reserve price

Landing housing experts and developers in confusion, plots in Navi Mumbai auctioned by CIDCO have gone at three to four times the reserve price. A plot in Ghansoli, the reserve price of which was Rs 47, 932 per sq m, was bought for Rs 1,89,990 per sq m. Similarly, another plot in Nerul (reserve price Rs 80,798 per sq m) went for Rs 2.11 lakh per sq m. Many in Navi Mumbai had expected the prices that developers will state prices less than what actually had been quoted. 

Thirteen plots were put on auction by CIDCO, located in Kopar Khairane, Ghansoli, Nerul and New Panvel. Bids by developers were opened in the afternoon of January 30. The plots measured between 847 sq m to 3520 sq meter and the FSI available was between 1 to 1.5. 

The lowest base price was for a plot in Kopar Khairane which is Rs 31,785 per sq m, while the highest is also in Kopar Khairane for Rs 64,365 per sq m.

However, seniors from the real estate market in Navi Mumbai were surprised seeing developers quoting such high prices. “All projects are now to be self financed as a developer cannot collect huge funds from the home buyer, unlike earlier. I am surprised that the plots got such huge response, some of them are strategically located but many of them have encroachments,” said Manohar Shroff, Vice President, CREDAI-MCHI, Navi Mumbai.