Cidco auctions 3 plots in Nerul, nets Rs 101 crore | mumbai | Hindustan Times
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Cidco auctions 3 plots in Nerul, nets Rs 101 crore

The slowdown in the real estate market did not in any way reflect in the auction held by the City and Industrial Corporation (Cidco) on Wednesday, when the body managed to net Rs 101 crore through the sale of three plots in Nerul.

mumbai Updated: Dec 23, 2011 01:58 IST
HT Correspondent

The slowdown in the real estate market did not in any way reflect in the auction held by the City and Industrial Corporation (Cidco) on Wednesday, when the body managed to net Rs 101 crore through the sale of three plots in Nerul. “We auctioned three plots, meant for commercial and residential purposes, for Rs101 crore,” said Dr Mohna Ninave, Cidco’s public relation officer. The plots include a 2,065 sqm plot sold for Rs2.12 lakh per sqm, a 1,600 sqm plot sold for Rs 1.76 lakh per sqm and a 1,400 sqm plot sold for Rs 2.1 lakh per sqm.

Many builders have expressed displeasure over the deal. “The prices at which the plots were bought are exorbitant. I wonder if the projects they are going to be used for are viable,” said Manohar Shroff, secretary, Maharashtra Chambers of Housing Industry (Navi Mumbai).

This is the second time in the year that Cidco has auctioned plots. In August, it sold five plots for Rs 1.69 lakh per sqm.

Despite the huge amount Cidco has raked in, Mumbai’s realty market continues to reel under crises. The Mumbai Metropolitan Region Development Authority (MMRDA) has refused to release its land till the realty market improves. MMRDA had last carried out an auction of its land in March 2008. At that time, it had put five plots totalling 22,560 sqm at the Bandra-Kurla Complex, on the block.