Two tenders of Kharghar plots that opened on Tuesday were awarded to Shah Group at a rate of Rs 1 lakh and Rs 91,000 per sq metre respectively.
KHARGHAR: Two tenders of Kharghar plots that opened yesterday were awarded to Shah Group at a rate of Rs 1 lakh and Rs 91,000 respectively. The open plots, a commercial-cum-residential property opposite Raghunath Vihar is expected to be developed into the largest mall along with the first seven star hotel of Navi Mumbai.
The plots of 7014.87 sq metre and 7013.51 sq metre, were awarded at Rs 91,000 and Rs 1, 01,000 per sq metre respectively. Plots 23, 24, 25 and 26 were expected to command higher rates, as both are prime plots with 35 metre wide roads. Nalin Shah, CMD of Shah Group Builders who purchased the plots for Rs 135 crore said that this project would be a joint venture with Somaiya Trust. He said, “We plan to develop the biggest mall on this plot along with a seven star hotel. We have contacted architects from Singapore who will design the structure for us.”
T R Anilkumar from Labh Homemakers said, “The plot is situated in a prime location with wide roads on all four sides, which would ensure the entire area develops further.” He said, “Kharghar is attracting many Mumbai residents and investors for the quality of work available here. People with ready cash are investing in Kharghar, so high rates are expected.”
Meanwhile, Metro Realities were the second highest bidder who lost the bid to Shah by Rs 3000, as they quoted an amount of Rs 98000. Vijay Gajra from Bhoomi Constructions said, “This is just the beginning, as if Shah Developers are given a resale offer they would receive a higher premium which would further create news.”
MD with Prajapati Developers, Rajesh Prajapati said that Navi Mumbai has shortage of land and with basic raw material and property sold at higher rates there is little chance of rates going down. He said, “Stability in the market is expected and tenders opened at such high rates indicate there will be no reduction.”
Apart from these plots in Kharghar, there were few other plots in Panvel and Kalamboli tendered. The 1300 sq metre plot in Panvel was awarded to Yogesh Thakkar for Rs 51,000 per sq metre, while two others in Kalamboli at Rs 33,000 per sq metre.
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