Cidco offers another 15,000 sq mt area in Navi Mumbai to fund new airport

By | November 5, 2016

Cidco offered four plots in Ghansoli this September, which were quoted at 30 per cent less than last year.

To help finance the Navi Mumbai International Airport (NMIA) and Smart City project, the City and Industrial Development Corporation (Cidco) continues to sell plots across the city. In the last year, the planning agency has sold out almost one lakh sqm. This has brought around Rs3000 to its coffer. In spite of the depreciation in land price in certain nodes of Navi Mumbai, Cidco has come up with around 16,000 sq metre area for residential and commercial purposes in Ghansoli. These plots are spread over sector 2 and sector 4.

Cidco offered four plots in Ghansoli this September, which were quoted at 30 per cent less than last year. The average price was Rs70,000 per sqm in September this year while in the same node, last year, similar-sized plots were quoted at Rs90,000 to Rs1,00,000 per sqm.

Haresh Chheda, secretary, Builders’ Association of Navi Mumbai said that in the last year, land price in Kalamboli and Ghansoli has almost become the same. This is because of the rising mistrust of people in the NMMC and a rise in the number of infrastructure projects in Panvel.

An official of Cidco, who requested anonymity, said the agency needs funding for upcoming projects like NMIA and Smart City. “Cidco will require more funds to execute its affordable housing projects which were launched earlier this year by Chief Minister Devendra Fadnavis. So, Cidco is on a plot selling spree to collect funds,” said the official.

For residential cum commercial plots, 25 per cent of the construction can be commercial and the remaining can be used for residential purpose. The cost of land in Navi Mumbai has been scaling new heights since the announcement of a number of infrastructure projects, especially the Navi Mumbai International Airport. However, the poor supply of land for Cidco has also pushed land prices in city.

In June, Cidco sold a Sanpada plot through tender at a record price. The plot sold for Rs 3.39 lakh per sq metre. This was the highest price that any plots in Navi Mumbai had ever been sold through Cidco’s bidding process.

City based Nivasti Developers LLP (limited liability partnerships) quoted the maximum price Rs3,39,339 per sq metre for the 3050 sq metre residential cum commercial plot at sector 13 in Sanpada.

Source: DNA