By Varun Singh
After a period of around two to three years huge plots in Navi Mumbai have been put on auction by CIDCO. A total of 16 plots are up for grabs, of which the biggest one is located in Nerul measuring 25,138.86 sq mts.
The plots are located in sectors 54, 56 and 58 of Nerul area, this plot has a base FSI of 1.5 while the base rate per sq mt is Rs 1.36 lakh. This takes the reserve price of the plot to Rs 343.46 Crore, one to participate in the bidding process will have to pay an Earnest Money Deposit of Rs 29.49 Crore.
However, Arvind Goel, former President, CREDAI-MCHI Navi Mumbai says, that this particular plot has a direct view of the Arabian sea and is close to the upcoming jetty, thus will command a higher value. “I expect that this plot will be auctioned for Rs 2.5 lakh per sq mt, thus taking the value of the plot to Rs 628 crore.”
The plot can be used for commercial as well as residential use, reads the tender document floated by CIDCO. The remaining plots are located in Panvel, Kalamboli, Ghansoli, Nerul and Vashi area. The plot sizes are between 398 sq mt to 3870 sq mt. The reserve price varies from Rs 43,900 per sq mt to Rs 1.36 lakh per sq mt.
According to a senior CIDCO official, after a long period such huge plots have come in the market for developers to bid for. The bidding process commenced from Wednesday and the online auction will be held on August 4.
“The biggest plot measuring 25,138.86 sq mt, is close to the sea and around 30% of the plot falls under CRZ I, whereas the remaining is in CRZ II. We have already informed that those bidding for the plot will require MCZMA (Maharashtra Coastal Zone Management Authority) permission for carrying out the construction,” said the official.
From the auction of all the Navi Mumbai plots, CIDCO is expecting an amount way above Rs 1,000 crore. This will be used to fund the Phase II of the metro work.
Manohar Shroff, another developer from Navi Mumbai says, the Nerul plot will go at a higher price because in the past, CIDCO auctions has seen plots being auctioned at more than double the reserve price, thus generating a good amount for CIDCO.
