Cidco will be able to raise significant funds to finance its ambitious schemes by auctioning plots. Cidco hopes to raise more than Rs 500 crore every month from these auctions.

Cidco will deliver what could be a bonanza for those looking for bungalow plots, rowhouses, and major developers over the next year, at a time when the real estate industry is in the grip of the pandemic. For the next 12 months, the planning department expects to sell 1,000 plots.

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Cidco has made about Rs 1,200 crore from plot auctions in less than two months. It received a record Rs 2.63 lakh per square metre bid for a plot in Sanpada in February. Cidco will be able to raise significant funds to finance its ambitious schemes by auctioning plots. Cidco hopes to raise more than Rs 500 crore every month from these auctions.

Cidco auctioned 27 bungalow plots in Ghansoli in January, with a 66 sqmt plot fetching a staggering Rs 1.30 lakh per sqmt, while the base price for plots in Ghansoli was between Rs 30,800 and Rs 35,813 per sqmt. Similarly, a 207-square-meter plot in New Panvel (E) sold for Rs 1.09 lakh per square metre, while the base price for New Panvel plots was Rs 39,200 per square metre.

Over the next 12 months, Cidco will sell a number of land parcels in Navi Mumbai. Approximately 1,000 plots will be sold over a period of time, with plot sizes ranging from 40 square metres to 4000 square metres. Bungalow plots, which range in size from 40 to 400 square metres, are said to make up 300 to 400 of these. Larger plots, ranging from 1,000 sqm to around a hectare, are pursued by builders and developers, according to Cidco officials, though bungalow plots have always received a premium from home buyers.

There are a lot of things to like in bidding for Cidco plots. In MMR, there is a scarcity of land parcels with clear titles, but Cidco’s auctioned parcels have clear titles since the land was bought by Cidco. A Cidco official said, “In addition, many communication schemes in Navi Mumbai are in the works.

Cidco has agreed to carry out a large stock of small plots, which will be offered to smaller builders and developers so that they can enter the market in a strained situation, said Cidco vice-chairman and managing director Sanjay Mukherjee. Bungalow ownership is also available to the middle class. Cidco is dedicated to levelling the playing field.

“The response to the auctions has been strong because Cidco has increased the ancillary FSI,” Manohar Shroff, vice-president of MCHI-CREDAI Navi Mumbai unit, said. For these plots, builders are quoting high prices and proposing larger homes. They’ll make a lot of money. It’s a win-win situation for CIDCO and builders, and customers will prosper as well.

CIDCO will auction 106 plots for residential construction in Navi Mumbai.

People, architects, small and large developers interested in developing bungalows, rowhouses, and residential buildings will bid for these plots via e-auction.

The Maharashtra government’s community planning agency, the City and Industrial Development Corporation (CIDCO), is auctioning 106 plots in the Navi Mumbai neighbourhoods of Kharghar, New Panvel, Nerul, Ghansoli, & Airoli.

These plots, which range in size from 39 square metres to 436 square metres, will be available for a 60-year contract.

People, architects, small and large developers interested in developing bungalows, rowhouses, and residential buildings will bid for these plots via e-auction.

“The residents will be able to realise their visions of buying and building bungalows or row houses of their choosing under this programme. Similarly, this scheme will boost the real estate market,” said Sanjay Mukherjee, CIDCO’s Vice Chairman and Managing Director.

This scheme includes 28 plots in New Panvel, 15 plots in Kharghar, 12 plots in Nerul, 38 plots in Ghansoli, and 13 plots in Airoli, totalling 106 residential plots, the largest number of plots ever rented.

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E-tenders & E-auctions are being used to solicit applications for this scheme.

The e-tendering process will begin on Friday and will end on March 1, 2021. The e-auction will begin at 11 a.m. on March 3 and end at 5 p.m. on the same day.

3 BHK FLAT ON SALE IN KHARGHAR SECTOR – 19 NAVIMUMBAI

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