CIDCO raises Rs323 crore in its auction of 13 plots in Navi Mumbai

The 13 plots, admeasuring 25,500 square metres, got a response from 157 bidders.

In an indication that the real estate market is slowly gaining strength, the City and Industrial Development Corporation (CIDCO) was able to garner Rs323 crore from 13 plots it put up for auction in Navi Mumbai.

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The 13 plots, admeasuring 25,500 square metres, got a response from 157 bidders. The plots are located at Nerul, Ghansoli, Kopar Khairane and Panvel.

Mohan Ninawe, senior public relations officer (PRO), said the CIDCO got a fantastic response to the auction.

“Encroachments had taken over the plot for years, so we decided to clear them. We got a good price for the plots,” said Ninawe.

He said the rates varied from Rs68,000 per square metre for a plot in Panvel to around Rs2.27 lakh per square metres for one in Nerul.

Suresh Asrani, a prominent builder, said that real-estate prices have stabilised.

“The Real Estate Regulatory Authority (RERA) has made things straight-forward, and hence there is clarity in the sector. This has encouraged many builders to go for auctions,” said Asrani.

“Several of these plots are still riddled with encroachments. Since there is a scarcity of land in the city, several builders have quoted exorbitant prices to purchase them,” said Manohar Shroff, vice president, MCHI-CREDAI (Navi Mumbai).

For years, builders purchased land at exorbitant prices owing to the speculative realty market.