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Mumbai: in the real estate market Navi Mumbai The fire broke out in one of the 28 plots blocked by the City and Industrial Development Corporation on Monday.CIDCO) earned a record breaking Rs 5.54 lakh per square metre.
This was almost five times the reserve base price of Rs 1.14 lakh per square meter fixed by CIDCO. This works out to Rs 306 crore for the approximately 1.3-acre plot (5,526 sq m) located at Sector 20, Palm Beach Road, Sanpada, reports Nauzer K Bharucha.
The bidder is Dinesh Pasoria of the builder DPVG Ventures, His partner Yogesh Thakkar told TOI, “This is the last of the prime sea-facing plots on Palm Beach Road. That’s why it fetched a record price.”
CIDCO to earn Rs 1,365 crore from auction of 28 plots
On Monday, 28 plots were e-auctioned in Navi Mumbai, which would fetch CIDCO about Rs 1,365 crore.
One of them is in Sector 20, Palm Beach Road, Sanpada at Rs 5.54 lakh per sq.m. The builder who won the bid is Dinesh Pasoria of DPVG Ventures. His partner Yogesh Thakkar told TOI that they are yet to decide whether to use the plot for commercial or residential purposes.
“It’s a record,” said Sanjay Mukherjee, VC and MD of CIDCO. “This is a testimony to the transparent bidding-cum-e-auction process adopted by CIDCO and the confidence the market has in CIDCO’s development projects,” he added.
Rajesh Prajapati, Founder President, CREDAI-MCHI (Raigarh) said, “With the Ministry of Urban Development removing most of the construction related bottlenecks in the Navi Mumbai region and the development of a new airport and the Mumbai Trans Harbor Link, the region has become a strong Increase in demand for properties. As the region offers numerous opportunities, consumers are increasingly realizing the importance of customizing their investments in Navi Mumbai.”
He added, “We expect the demand to pick up and the record-breaking bidding will also strengthen the sentiments of other consumers/investors who were on the fence and are in the process of investing. With additional projects expected to receive occupancy certificates, We expect many more investments in Navi Mumbai.”
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