A new record was set in Navi Mumbai after the City and Industrial Development Corporation sold a plot in Nerul at Rs2.82 lakh per sq metre on Thursday. This is the highest price that a plot in the satellite city has ever attracted through Cidco’s bidding process. The plot fetched Cidco over Rs45 crore.
A total of 15 developers vied for the plot at sector 44A in Nerul. City based developers Shree Saawan Builders quoted the maximum price of Rs2,82,333 per sq metre and bagged the deal for the 1601.78 sq metre residential cum commercial plot. Earlier, only a commercial plot in Belapur had fetched Rs74 crore with its maximum bid being Rs1,85,000 per sq metre.
Cidco had invited online applications for the sale of six residential and commercial plots in Nerul and Belapur on May 5. “Five residential cum commercial plots in Nerul and one commercial plot in Belapur were on offer,” said Dr Mohan Ninawe, senior public relations officer of Cidco. Tender for these plots was opened on May 28.
“We received 82 applications for the plots. The Nerul plot, located at plot number 71 at Sector 44A, was sold at a record price through our tendering process,” said Dr Ninawe.
The other five plots have also been sold at over Rs2 lakh per sq metre. The minimum base price of the residential-cum-commercial plots was Rs54,260 per sq metre and that for the commercial plot was Rs51,200. The 4,000 sq metre commercial plot at Sector 15 in Belapur was sold at Rs1,85,000 per sq metre.
The four other Nerul plots are at Sector 13 of the node. “The four other plots measuring 2,740.38 sq m (plot no. 4), 1,890.059 sq m (plot no. 7), 1,456.112 sq m (plot no. 7A) and 1,974.592 sq m (plot no. 7B) were sold at Rs2,11,999, Rs2,02,229, Rs2,26,234 and Rs2,31,666 per sq metre respectively,” said Dr Ninawe.
These plots can be developed with 1.5 FSI. While 25% of the total construction can be used for commercial purposes, the remaining can be residential.
The cost of land in Navi Mumbai has been scaling new heights since the announcement of a number of infrastructure projects, especially the Navi Mumbai International Airport.
In 2014, when Cidco had released three plots for residential purposes in Nerul, one of them had fetched a record price of Rs2,81,251 per sq m. Developers allege that slow pace of releasing land pushes up the bid price.
In spite of a sluggish period in the real estate sector, the record selling price of plots sends a completely different message. “This shows that there is still confidence in the market and there is demand for both residential and commercial places,” said Dewang Trivedi, president of Builders Association of Navi Mumbai (BANM).
However, Trivedi believes that poor supply is pushing up the land prices in city. “After almost a year, Cidco came up with new plots of 13,000 sq metres. But the actual demand is quite high,” added Trivedi.