The real estate market in Navi Mumbai was on fire on Monday when one of the 28 plots put on the block by the City and Industrial Development Corporation (Cidco) fetched a record-breaking Rs 5.54 lakh per sq m.
This was nearly five times the reserve base price set by Cidco at Rs 1.14 lakh a sq m. It works out to Rs 306 crore for the roughly 1.3-acre plot (5,526 sq m) located at Sector 20, Palm Beach Road, Sanpada, reports Nauzer K Bharucha.
The builder who won the bid is Dinesh Pasoria of DPVG Ventures. His partner, Yogesh Thakker, told, “This is the last of the prime sea-facing plots on Palm Beach Road. That is the reason why it fetched a record price.”
Twenty-eight plots e-auctioned in Navi Mumbai on Monday will earn Cidco around Rs 1,365 crore.
One of them in Sector 20, Palm Beach Road, Sanpada fetched Rs 5.54 lakh per sq m. The builder who won the bid is Dinesh Pasoria of DPVG Ventures. His partner, Yogesh Thakker, told they were still to decide on whether to utilize the plot for commercial or residential purposes.
“It is a record,” said Sanjay Mukherjee, VC & MD of Cidco. “It’s a testimony to the transparent bidding-cum-e-auction process Cidco has adopted, and the confidence of the market in development projects of Cidco,” he added.
Raajesh Prajapati, founder president of CREDAI-MCHI (Raigad), said, “Post the urban development ministry resolving most of the impediments concerning constructions in Navi Mumbai region and the development of a new airport and Mumbai Trans harbour Link, there has been a robust rise in demand for properties in this region. As the area offers a host of opportunities, consumers are continuing to realize the importance of optimizing their investments in Navi Mumbai.”
He added, “We anticipate demand to grow and the record-breaking bid will also strengthen the sentiment of other consumers/investors who were on the fence and were in the process of investing. With additional projects expected to receive occupancy certificates, we anticipate many more investments in Navi Mumbai.”