The sale of three Cidco plots in Nerul’s sector 44A is likely to set a new record for Navi Mumbai, with market experts believing the price could be in the range of Rs2.25 lakh to Rs2.5 lakh per square metre. Around two years ago, Cidco had sold a plot in sector 46 of Seawoods for Rs2.12 lakh per sqm.
The cost of land in Navi Mumbai is scaling new heights since the announcement of the international airport in the region. Cidco will release three plots in Nerul’s sector 44A — No 69, 70 and 71 — for residential and commercial purposes. The area of 69 is 1481.48 sqm, 70 is 1502.04 sqm and 71 is 1601.78 sqm. The planning agency has set a base price of Rs53,770 sqm for these plots, which have an FSI of 1.5.
Market experts said last week’s sale of five plots in Kharghar and Ulwe added Rs266 crore to Cidco’s kitty. The base price for these plots was Rs30,000 per sqm.
“We expect the plots to be sold in the range of Rs2-2.5 lakh per sqm. The last date for submission of bids is January 27,” said a realty expert from Navi Mumbai.
Meanwhile, developers in Navi Mumbai are blaming slow release of plots by Cidco for the astronomical prices of property in the region. Builders Association of Navi Mumbai president Devang Trivedi said, “On the one hand, Cidco talks of affordability and on the other hand, it’s restricting supply of land by releasing plots slowly. Around 15-20 developers will bid for a single plot, thus resulting in shooting up of the land costs and, eventually, the property price. There is a need to release more plots. If there is more supply of plots, there will be lesser bidders and prices will come down.”
As far as Navi Mumbai’s construction industry is concerned, Trivedi said, “Construction business in Navi Mumbai is still a cottage industry and needs support from government. There needs to be a change in certain policies of Cidco... for example, when a buyer, after winning a plot in the auction, fails to pay the instalments, Cidco should consider the second and third bidder instead of starting the process of re-tendering all over again.”
Navi Mumbai realtors are now eyeing plots in Panvel and Dronagiri, where the airport is set to come up.
Going vertical, price-wise
Cidco will be releasing three plots in Nerul’s sector 44A — No 69, 70 and 71 — for residential and commercial purposes. The area of 69 is 1481.48 sqm, 70 is 1502.04 sqm and 71 is 1601.78 sqm. The planning agency has set a base price of Rs53,770 sqm for these plots, which have an FSI of 1.5. Market experts believe that the price could be in the range of Rs2.25 lakh to Rs2.5 lakh per square metre, a new record for the satellite city of Navi Mumbai.
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