MUMBAI
Developers are worried that the plots going at such expensive rates would affect the affordability of the homes eventually.
Eight plots located in Kharghar were auctioned by CIDCO last week. All the eight plots located in sector 17 were leased out at a price way above the reserve price; some even shot up to three times above the reserve price.
The plots are a mix of residential and commercial properties and the FSI is 1.5 for all.
Developers are worried that the plots going at such expensive rates would affect the affordability of the homes eventually.
According to Navi Mumbai developers, of the eight plots, plot number 6 — measuring 1,472 sq mt whose base price was Rs 66,914 per sq meter — went the highest at Rs 1.54 lakh per sq mt.
Plot 6A went for Rs 1.46 lakh per sq mt; this plot measures 1209 sq mt and the base price was Rs 55,377 sq mt. Plot number 6B measuring 1201 sq mt was auctioned at Rs 1.38 lakh per sq mt, the base price for this plot was 55,377 sq mt. Plot 6C measuring 1205 sq mt, went for Rs 1.38 lakh per sq mt the base price for this plot was Rs 55,377 per sq mt. Plot 6D measuring 1450 sq mt went for Rs 1.20 lakh per sq mt; the base price for this plot was Rs 66,914 per sq mt. Plot 7, measuring 1607 sq mt went for Rs 1.30 lakh per sq mt; the base price was Rs 66,914. Plot 7A went for Rs 1.29 lakh sq mt this plot measures 1509 sq mt and the base price was Rs 55,377 per sq mt. Plot 7B, went for Rs 1.27 lakh sq mt and this plot is spread over 1608 sq mt; the base price was Rs 66,914 per sq mt.
However, the prices at which the plots were leased out, raised a lot of questions. Only last week, three plots of which the base rate shared by CIDCO was Rs 42,966 per sq mt, also attracted three times the base price. One of the plot was leased out at Rs 1.96 lakh per sq mt, while the other two went for Rs 1.53 lakh and 1.47 lakh per sq mt, respectively.
Manohar Shroff, a developer from Navi Mumbai privy to the auction, says that the prices were indeed exorbitant. "The developers are buying plots at extremely high rates. This is going to impact the end consumer, as the when builder will sell the homes constructed on these plots at a higher rate too," he said.
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