A residential-cum-commercial plot in Nerul, Navi Mumbai, measuring 3,069 square metres (sqm), received a record bid of Rs 3.85 lakh per sqm during an e-auction conducted by the City and Industrial Development Corporation (CIDCO). The auction, for which the results were declared on Monday, was held last week. In 2016, a 3,050 sqm plot at sector 13 in Sanpada had received the highest bid of Rs 3,39,339 per sqm.
"The bidding price of Nerul plots have created a new record. If this trend continues, it is likely to push the cost of houses. Developers need to be cautious approach while bidding," said Manohar Shroff, Senior VP MCHI Credai Navi Mumbai unit.
The planning agency earned around Rs 678 crore from the auction of five plots, with the Nerul plot alone bringing in Rs 118.4 crore. In Navi Mumbai, this is thus far the highest bid price for any plot auctioned by CIDCO. The plot is located at sector 19A in the Seawoods area of Nerul node, near Seawoods Nexus mall.
CIDCO had put up a total of 16 residential-cum-commercial plots for auction, of which 10 were auctioned on August 3, with results declared on August 5. The auction of the remaining plots was extended by two weeks.
Haresh Chheda, the president of Builders Association of Navi Mumbai (BANM), said that the plot has a prime location and the structure to be built here can be up to 50 floors high.
Surprisingly, the much talked about plot measuring over 25,000 sqm at sectors 54, 56 and 58 adjoining the NRI Complex along Palm Beach Road in Nerul received a bid of Rs 1,51,200 per sqm, with the base price of Rs 1,36,627 per sqm. Chheda said the plot failed to attract decent buyers as it falls partially in the Coastal Regulation Zone (CRZ) and the civic body has an open space reservation.
BN Kumar, the director of NatConnect Foundation, an independent environment protection body, said they have opposed the move of putting a CRZ plot for auction. “While other plots fetched over Rs 3 lakh per sqm, the plot on Palm Beach Road did not create interest among developers,” said Kumar.
Meanwhile, two other plots in the Nerul node – 1,221 sqm and 2,029.97 sqm – received bids of Rs 3,27,999 per sqm and Rs 3,76,999 per sqm, respectively.
