Navi Mumbai: 2,459 sqm Nerul plot sold for highest ever ₹6.72 lakh/sqm

Navi Mumbai: Removal of height restrictions of buildings in Navi Mumbai has unlocked the potential of land price as a 2,459 sqm residential cum commercial plot in Nerul received a record bid of Rs672 lakh per sqm during an e-auction carried out by the City and Industrial Development Corporation (CIDCO). The bid price is the highest ever in the city, said an official from CIDCO.

The plot is located near Palm Beach Road and it received more than six times the base price. The base price of the plot is Rs 1,04,000 per sqm. Aramus Heaven LLP emerged as the highest bidder with Rs 6,72,400 of the said plot.

AAI in 2022 agreed to grant NOC for buildings in 20km radius of airport

In July 2022, the Airports Authority of India (AAI) agreed to grant height No Objection Certificates for buildings located within a 20km radius of the proposed Navi Mumbai International Airport (NMIA). As per the decision, buildings upto the elevation of 160.10mt above mean sea level (AMSL) will be allowed in the city. According to the developers’ body, the decision has unlocked the vertical development and buildings up to 48-storey can be constructed.

Haresh Chheda, the immediate past president of the Builders Association of Navi Mumbai (BANM) said that plots that have potential commercial use, mainly shops are getting good prices. “The recent trends of bidding showed that apart from homes at good locations, commercial use mainly shops are looked upon,” said Chheda, adding that there is no doubt that the removal of height restrictions unlocked the potential of land prices in Navi Mumbai.

CIDCO auctioned plots in Nerul, Koparhairane and Ghansoli

CIDCO auctioned a total 13 residential cum commercial purpose plots at Nerul, Koparkhairane and Ghansoli in Navi Mumbai. The size of these plots ranges from 1,070 sqm to 2514 sqm. CIDCO churned out Rs719 crore from the auction of 13 plots.

Of the 13 plots offered by CIDCO, 10 plots are located in Nerul, two in Koparkhairane and one in Ghansoli. The base price of these plots ranges from Rs 63,000 to Rs 1,04,000. They can be developed with 1.5 FSI. However, the developer can consume more FSI by paying an additional premium under Unified Development Control and Promotion Regulations 2020.

Last year Sanpada plot received record bid

Last year in November, a 5526 sqm residential cum commercial plot in the Sanpada node received a record bid of Rs5.54 lakh per sq m during an e-auction carried out by the CIDCO. The bid price was the highest ever in the city.

Similarly, a 2415 sqm plot at sector 9 in Koparkhairane received an Rs4,050,00 per sqm price.