A 5,526 sq mt residential-cum-commercial plot at the Sanpada node received a record bid of Rs5.54 lakh per sq m during an e-auction by the City and Industrial Development Corporation (CIDCO). The bid price is the highest in the city.
The plot is located near tony Palm Beach Road. The winning bid was almost five times the base price of Rs1,14,089 per sq m. In July 2022, the Airports Authority of India agreed to grant height NOCs (no-objection certificates) for buildings located within a 20km radius of the proposed Navi Mumbai international airport.
Thus, buildings up to an elevation of 160.10m above mean sea level are now allowed in the city. According to developers, the decision has unlocked vertical development, and buildings up to 48 storeys can now be constructed.
A total of six bidders vied for the Sanpada plot with DPVG Ventures LLP making the winning bid of Rs5,54,089 per sq m. The plot can be developed with a floor space index of 1.5. However, under the Unified Development Control and Promotion Regulations (UDCPR), the developer can use FSI up to 5 vertically.
