CIDCO's E-Tender for 32 Plots in Navi Mumbai Faces Challenges Due to Elevated Base Prices

The City and Industrial Development Corporation (CIDCO) has introduced 32 plots across Airoli, Ghansoli, Sanpada, Nerul, and Belapur for residential, residential-cum-commercial, and Service Industry (SI) use through an e-tender cum e-auction process. Despite prime locations in Navi Mumbai, high base prices are deterring potential buyers, according to the developers' association MCHI.

Manohar Shroff, Senior Vice President of MCHI-CREDAI Navi Mumbai, noted that CIDCO has released an ample number of plots, satisfying demand but at a price point that many developers find prohibitive. “Many e-tender deadlines have been extended, and several plots have attracted no bids,” Shroff pointed out.

The available plots vary in size from 63 sq meters to 10,917 sq meters, with base prices ranging from Rs 62,052 to Rs 3,15,161 per sq meter. For example, a 10,917.77 sq meter residential-cum-commercial plot in Belapur's Sector 15A has a base rate of Rs 3,15,161 per sq meter, requiring a Rs 10,32,25,659 earnest money deposit. Similarly, a 5,785.78 sq meter plot in Nerul’s Sector 52A is priced at Rs 3,05,004 per sq meter with an EMD of Rs 5,29,40,581.

CIDCO has made plots of various sizes available over the past four years, from smaller bungalow plots to large-scale residential complexes. The maximum permissible FSI for these plots follows Maharashtra's Unified Development Control and Promotion Regulations (UDCPR).

Shroff also advised homebuyers to invest only in RERA-registered projects, given Navi Mumbai’s rising property values after lifting height restrictions on buildings. This adjustment unlocked significant potential, as seen in March 2023, when a 2,459 sq meter residential-cum-commercial plot in Nerul sold for a record Rs 6.72 lakh per sq meter, the highest-ever bid in Navi Mumbai, a CIDCO official reported.