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A plot of land in the prime location of Palm Beach Road in Navi Mumbai has been auctioned for a record bid of Rs 6.46 lakh per sqm. This rate is close to that of prime land in Mumbai and highlights the unprecedented demand for land in the area.
Despite the high bid, there were no bids for 18 other plots in the auction, which industry sources blame on the high base price set by CIDCO and current market conditions. CIDCO earned a total of Rs 1,170.80 crore from the sale of the plots.
The plot is located at plot number 23 in sector 4 right at the entrance of Nerul from Palm Beach Road. The residential cum commercial plot is of 2,459.33 sqm with an FSI of 1.5.
The plot is in fact the same that had fetched a record Rs 6.72 per lakh sqm rate in the auction in March this year. The highest bidder Aramus Heaven LLP, was to pay Rs165.50 cr lease premium to CIDCO for the plot apart from 18% GST. The company however reportedly withdrew later, leading to the plot again being offered by CIDCO.
This time Falcon Electro-Teek Private Limited bid the highest among 4 bidders at Rs 6,46,803 per sqm for the plot which will cost it Rs 159.07 cr plus 18% GST. The second highest bid was of Rs 6,26,000 per sqm.
Though the bid this time is less than last time, it is still around Rs1 lakh per sqm higher than the previous highest record of Rs 5.54 lakh per sqm in the auction held in November 2022 for another Palm Beach Road plot located in sector 20 of Sanpada. In fact, all the bids this time are of over Rs 6 lakh per sqm.
Realising that the Palm Beach Road plots are much in demand due to lack of availability of land in the area leading to the record bid last time being 6.5 times more than the base price of the plot, CIDCO this time increased the base price to a whopping Rs 5,18,328 per sqm.
