Given the city’s high real estate costs and previous record numbers, the newest plot auction in Navi Mumbai has received a lacklustre reaction. Last week, just 15 out of 47 plots offered by the City and Industrial Development Corporation (CIDCO) got qualified bids. This underwhelming response is surprising given the ongoing mega-projects in Navi Mumbai, which generally raise property values.
CIDCO offered 47 plots for residential, commercial, residential-plus-commercial, bungalow, and service industry use under Scheme 40, with 20 in Kharghar, 10 in Ghansoli, and the rest in Airoli, Dronagiri, Kalamboli, Kopar Khairane, Nerul, New Panvel (East), and Panvel (East).
Only 15 plots obtained the required three bids for assignment, with another 10 receiving one or two bids and 22 receiving no bids at all. These 22 plots were situated in New Panvel (East), Panvel (East), Airoli, and Ghansoli. Among the developers whose bids were accepted were Godrej Properties, Satyam Lifescapes, Viraj Bhoir of Amber Developers, Shree Swami Enterprises, Ambe Refrigeration, Hari Krishna Buildcon, Giriraj World, Max Home, Abhinandan Builders, Majestic Dreams, Subhash Hariprasad Agarwal, and R K Infra.
In conclusion, while CIDCO’s recent plot auction in Navi Mumbai attracted fewer bids than anticipated, the outcome demonstrates a mixed response from developers. The high base prices set by CIDCO, justified through market analysis, may have contributed to the limited participation. However, the successful bids, including those by Godrej Properties, indicate that certain locations still hold significant investment potential. As Navi Mumbai continues to develop through mega-projects, the real estate market will likely see further fluctuations in demand and pricing.
Source: Prop News Time