CIDCO plot in Navi Mumbai goes for a record Rs 45 crore

Q: What is the maximum rate of plot in Navi Mumbai as off today?

Abhishek,

29th May 2015

Real estate News in Nerul, Navi Mumbai

plots for sale

navi mumabi real estate

cidco

plot in nerul

shree saawan builders

residential cum commercial plot

builders association of navi mumbai

banm

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Replies (3)

Hi everybody,
In spite of a slow phase 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.

pradyumanapte, Mumbai

29th May 2015

Comment

No, It is not like that. Earlier, in 2014, when CIDCO had released three plots for residential purposes in Nerul, one of them had brought a record price of Rs281251/sq-m. As per city Developers who claim that slow pace of releasing land pushes up the bid price.

Kaushik Bardia,

29th May 2015

Thanks Kaushik,
How many developers were participated in bid and who quoted the maximum? What was the size of the plot? Had CIDCO invited online application for this bid?

Arup rajan, Mumbai

29th May 2015

Comment

Yes, Cidco had invited online applications for the sale of 6 residential and commercial plots in Nerul and Belapur on 5th May 2015. Five residential cum commercial plots in Nerul and one commercial plot in Belapur were on offer.

A total of 15 developers bid for the plot at sector 44A in Nerul. But Shree Saawan Builders quoted the maximum price of Rs 282333/sq-mt and bagged the deal for the 1601.78 sq-mt residential cum commercial plot.

Kaushik Bardia,

29th May 2015

Hi Kaushik,
I heard that they received 82 applications for the plots. The Nerul plot which is located at plot number 71 at Sector 44A, was sold at a record price through their bidding process. The other five plots have also been sold at over Rs 2 lakh/sq-mt. The minimum base price of the residential-cum-commercial plots was Rs54260/sq-mt and that for the commercial plot was Rs 51200.

Ketalpujara, Mumbai

29th May 2015

True Kaushik,
These plots can be developed with 1.5 FSI. While 25% of the total construction can be used for commercial purposes whereas the remaining can be used as a residential.

Kaushik Bardia,

29th May 2015

True Abhishek,
As per latest news, Shree Saawan Builders has bought a plot in Nerul, Navi Mumbai from CIDCO for a record Rs 45 crore. The cost of land in Navi Mumbai has been climbing new heights since the announcement of a number of infrastructure projects, specially the Navi Mumbai International Airport.

Kaushik Bardia,

29th May 2015

Comment

Great deal Haushik,
Do you have any updates on price? What was the cost of land per square meter sold to developers Shree Saawan Builders and the seller?

Ketalpujara, Mumbai

29th May 2015

Gud Morning Ketal,
The plot was sold by CIDCO at Rs.2.82 lakh per square meter. This is the highest price that a plot in the satellite city has ever attracted through CIDCO's bidding process.

Kaushik Bardia,

29th May 2015