Douglas elliman, Real estate

The City and Industrial Development Corporation (CIDCO) has offered 76 plots for various uses, including residential, residential-cum-commercial, commercial, service industry, bungalow, and row house purposes, at prime locations across Airoli, Ghansoli, Sanpada, Nerul, Kharghar, Panvel (E), and Dronagiri. These plots will be leased through an E-Tender Cum E-Auction process.For the past four years, CIDCO has made available plots of varying sizes, ranging from row house and bungalow plots to larger residential complexes. The size of the plots varies from 41 sq meters to 12,087 sq meters, with development potential from 1 to 1.5 FSI (Floor Space Index). The base FSI can be adjusted, but the maximum permissible FSI follows the guidelines set under the Development Control & Promotion Regulations (UDCPR).An official from CIDCO's Marketing department confirmed that the sale of the plot booklet started on January 2. Out of the 76 plots, CIDCO is offering 12 plots for bungalows, located in Sector 19 of Kharghar. The base price for bungalow plots ranges from Rs1,17,781 to Rs1,32,497 per square meter.In addition to the bungalow plots, there are 28 plots designated for residential, commercial, service industry, and residential-cum-commercial purposes. For example, a 2,641 sq meter residential-cum-commercial plot in Nerul is priced at Rs 3,10,281 per square meter. Similarly, a 794 sq meter plot for residential use in Sector 34 of Airoli is quoted at Rs 3,00047 per square meter. CIDCO has also offered numerous plots in Kharghar, Dronagiri, Ghansoli, and Nerul.Manohar Shroff, Senior Vice President of MCHI Credai Navi Mumbai, noted that the availability of such a large number of plots would likely increase competition among developers. However, he criticized CIDCO for raising the base price of the plots, which, according to him, is driving up the cost of the plots and ultimately the price of homes.The removal of height restrictions on buildings in Navi Mumbai has unlocked the potential for higher land prices. In December 2023, CIDCO earned ₹1,160 crores from the auction of 17 plots across Navi Mumbai. The highest bid during this auction was for a 2,459 sq meter residential-cum-commercial plot in Sector 4 of the Nerul node, which received a bid price of Rs 6,46,803 per square meter. Falcon Electro Tek Private Limited emerged as the top bidder for this plot.

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