Navi Mumbai News: CIDCO Earns Nearly ₹900 Crore From Auction Of 10 Plots

Mumbai: As the Navi Mumbai International Airport (NMIA) gears up for operations next month, the City and Industrial Development Corporation (CIDCO) has earned Rs 890 crore from a recent auction of plots, with one site in Kharghar fetching a record-breaking price of Rs 7.35 lakh per sq metre.

CIDCO had invited bids for 32 plots across seven nodes, including Airoli, Ghansoli, Kharghar, and Nerul. However, only 10 plots received valid bids, generating Rs 890 crore in total. The plots were designated for various uses—residential, bungalow, service industry, and residential-cum-commercial. These plots can be developed from 1.1 to 2 FSI depending upon the nature of the plot.

A 3,001.03 sq metre residential-cum-commercial plot in Sector 6, Kharghar, attracted the highest bid, with Abhinandan Builders offering Rs 7.35 lakh per sq metre—more than double the base price of Rs 3.35 lakh per sq metre.

Real estate expert Manohar Shroff noted, “This is the highest price ever offered for any plot in the Kharghar node. It reflects growing interest from both builders and home buyers, particularly due to the proximity to the upcoming NMIA.” He added that demand for housing will see a sharp rise as well as price.

Another significant bid came for a 20,955 sq metre residential-cum-commercial plot in Sector 37, Kharghar, which fetched Rs 2.34 lakh per sq metre, against a base price of Rs 2 lakh. The plot garnered a total of Rs 490 crore.

According to developers, the recent removal of height restrictions in Navi Mumbai has led to increased demand for land, driving up bidding prices.

Meanwhile, both developers and social activists are urging home buyers to ensure properties are registered with the Real Estate Regulatory Authority (RERA) before making any purchase.

Prashant Shivajirao Angude, a social activist, recently flagged a developer in Kharghar for selling flats without RERA registration. “Home buyers must not fall prey to false promises. No project should be booked without valid RERA registration,” he warned.

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