The Maharashtra government’s town planning and infrastructure development authority, the City and Industrial Development Corporation (CIDCO), has put a total 16 land parcels in prime locations of Navi Mumbai on the block.
The proposed auction of land parcels spread over a total 12 acres is expected to generate revenue of nearly Rs 1,000 crore, said property consultants and developers operating in the satellite city of Mumbai.
The plots will be intended for both residential cum commercial use. These plots are located in the prime location in the city near the NRI Complex in Nerul and APMC Market in Vashi, according to the tender document issued by CIDCO.
Out of 16 plots, the largest land parcel is spread over 6.21 acre across adjoining sectors 54, 56, and 58 in Nerul. The base rate for this land parcel is set at Rs 1.17 lakh per sq meter and a reserve price of 294.97 crores. This plot itself is expected to fetch revenue of close to Rs 500 crore given its location close to the Arabian sea.
In Nerul, the authority has offered additional four plots in sector 19 of the locality and the size of these plots varies from 1,200 sqm to 3,000 sq meter. The remaining 15 plots are in Panvel, Kalamboli, Ghansoli, and Vashi localities, with their areas ranging from 398 sq meter to 3,870 sq meters. The reserve price for these plots starts at Rs.43,900 per sq meter.
The area of the plot in Sector 18 of Vashi is 3,870 sq meter and has a base price of Rs 1,36,627. This plot is located near Sion- Panvel highway adjoining APMC administrative complex. The bidding of these plots has started and the online auction will be held on August 4.
Bidders are required to deposit Earnest Money Deposit (EMD) of 29.49 crores in advance to participate in the bidding process. These plots can be developed with 1.1 to 1.5 floor space index (FSI) or permissible development on the plot. Under the Unified Development Control & Promotion and Regulation (UDCPR) developers can get more permissible FSI for total development.
