Navi Mumbai: Belapur plot for star hotel fetches over Rs 129 crores

Navi Mumbai: A 14,434 sq. meter plot in Belapur meant for a star hotel fetched over Rs 129 crores during an auction to CIDCO.

Similarly, a 1,392 sqm plot in sector 13 in Nerul received the highest bid of Rs 3.18 lakh. The planning agency churned out over Rs 270 crores from the auction of 47 plots across different nodes of Navi Mumbai.

Two plots receive bid more than two times its base price

A large number of plots for row houses and bungalow plots were also up for auction, most of which received above the base price. 

However, the two plots in Nerul node for commercial cum residential purposes received more than two times the base price. In sector 13 in Nerul, a 1,392 sqm plot received the highest bid of Rs 3,18,501 per sqm and a 2,338.67 sqm plot received a bid of Rs 3,05,999 per sqm in the e-auction. Both plots fetched over Rs 115 crore. These two residential cum commercial plots in Nerul can be developed with 1.5 FSI. However, the only hotel in Belapur and small plots for row houses can be developed with 1.1 FSI. 

Haresh Chheda, President of the Builders Association of Navi Mumbai (BANM), said developers are showing interest in the Navi Mumbai real estate market. “The bidding price showed that only large plots to be used by developers for residential cum commercial are lucrative,” said Chheda. 

In August 2022, a 3069 sq meters residential cum commercial plot at sector 19 A in Nerul in Navi Mumbai received the highest Rs 3.85 lakh per sqm. Similarly, in 2016, a 3,050 sqm plot at sector 13 in Sanpada had received the highest bid Rs 3,39,339 per sqm.

At the same time, small plots ranging from 60 meters to 120 meters received around 10 to 15 per cent premium on base price and plots were sold as low as Rs 35 to Rs 40 lakh in the auction.