In one of the biggest real estate transactions in Navi Mumbai, Piramal Sunteck Realty Private Limited (PSRPL) bought a 2.03-acre plot at Airoli for Rs 75 crore on Friday.
The Piramal Suntech group offered the winning bid of Rs 91,116 per square metre to outbid its nearest rival, who quoted Rs 88,900 square metre, in an auction conducted by the City and Industrial Development Corporation of Maharashtra Limited (CIDCO), the development authority for Navi Mumbai.
Khushru Jijina, executive director of PSRPL, called it the best deal their company has ever bagged. “Airoli is one of the best locations in the city and we have got this land on Palm Beach Road,” said Jijina.
Airoli is considered to be one of the most developed areas in Navi Mumbai, with close proximity to both Thane and Mulund.
According to real estate experts, the high rate was expected due to scarcity of land. “It is a costly deal, but since the CIDCO scarcely releases land from its huge land bank, the amount was expected to be high,” said Manohar Shroff, secretary, Navi Mumbai Chamber of Housing.
Shroff added that PSRPL would incur a cost of at least Rs 4,500 per square feet to develop the land and they will have to sell properties for a minimum of Rs 6,250 per square feet.
PSRPL, however, refused to talk about pricing, but revealed that the minimum size of a flat would be 2,000 square feet. “When we entered Airoli two years back, we saw that projects were undertaken by local builders. Hence, we decided to give them a good product and currently our ongoing project Signia Oceans has been fully booked,” said Jijina.