Navi Mumbai: CIDCO plot sold at Rs 1.33L/ sq mts

Is the real estate market really in a bad shape? Recent events paint a different scenario — a plot that was being auctioned by CIDCO in Navi Mumbai at a reserve price of Rs 95,000 per sq mts, was finally sold for Rs 1.33 lakh per sq mts. Real estate experts from Navi Mumbai claim that the plot has gone at too high a rate. However, CIDCO officials say that they were expecting the price to go further north.

A plot measuring 13,619 sq mts was put on auction by CIDCO, there were six bidders, of which Moreshwar Group, who had quoted Rs 1,33,333 per sq mts, won. The details were confirmed by Mohan Ninawe, the PRO for CIDCO. The plot was sold for a total of Rs 181 crore. Even vice-chairman and managing director of CIDCO Lokesh Chandra confirmed the development.

Ninawe, however, claimed that they were expecting more. It is located in Nerul's sector 19 A. According to Manohar Shroff, a real estate developer from Navi Mumbai: "The plot has fetched a high price, compared to the reserve. We weren't expecting it to go at this high a rate. However, the plot is at a prime location in Nerul."

According to Shroff, in the previous tenders, one plot was sold in Nerul area for close to Rs 2.82 lakh per sq mts. The FSI available on this plot is 1.5.

With pre-construction work commencing for the Navi Mumbai Airport, developers are expecting a realty boom. Even Shroff claims that the realty business will pick up further.