A Cidco tender for a plot exceeding 10 acres (42,000 square meters) in Kharghar’s Sector 23 has achieved a record bid of Rs 2,120 crore—approximately Rs 5 lakh per square meter—submitted by Aakar Developers.
Aakar group is required to remit 50% of this total to Cidco within the forthcoming three months. Real estate analysts indicate that this represents the largest land transaction since the previous tender sale at Nerul-Seawoods, which was valued at Rs 1,800 crore.
Local developer Manohar Shroff remarked, “Kharghar has consistently been a promising area and has gained further appeal due to the Navi Mumbai airport, international universities, and golf course, among other factors.
There is significant demand for land in Navi Mumbai and for high-end housing projects.” Developer Rajesh Prajapati commented, “The additional FSI currently available to builders makes such projects viable. However, the authorities impose a four-year deadline for builders to finalize their projects, or else they face substantial penalties. This is not favorable.”
