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Navi Mumbai’s biggest land deal

The CIDCO received a record bid of Rs 1,809 crore from L&T for the development rights of an integrated complex at Seawoods Railway Station in Navi Mumbai, reports G Mohiuddin Jeddy.

india Updated: Feb 06, 2008 01:06 IST
G Mohiuddin Jeddy

The City and Industrial Development Corporation (CIDCO) received a record bid of Rs 1,809 crore from Larsen and Toubro Limited (L&T) for the development rights of an integrated complex at Seawoods Railway Station in Navi Mumbai.

The bid — that can buy you 1.42 lakh Nanos — is Navi Mumbai’s biggest bid for a single piece of land, at the rate of Rs 10,378 per sq ft.
CIDCO, the nodal agency of Navi Mumbai, proposed an iconic commercial complex over 40.03 acres. The complex will be built around a modern railway station constructed by the developer for CIDCO for Rs 35 crores.

L&T quoted Rs 1,809 crore for the project while DLF Retail Developers Ltd. in consortium with DLF Cyber City Developers Ltd and Akruti Nirman Ltd followed with Rs 1,530 crore and India Bulls Real Estate in consortium with Strabag AG was the third bidder with a bid Rs 1,059 crore. The CIDCO board of directors is expected to approve L&T’s bid soon.

“L&T made an excellent presentation of what the complex will be like. We will give our suggestions and ensure that it takes shape as one of a kind complex in the country,” said GS Gill, CIDCO vice-chairman and managing director.