November 08, 2025: In a historic milestone, the City and Industrial Development Corporation (CIDCO) has recorded its highest-ever land sale, auctioning a premium 41,994 sq. m. plot in Kharghar’s Sector 23 for Rs 2,125 crore through an e-auction. The plot was purchased by developer Aakar Astron, which emerged as the top bidder with an offer of Rs 5,06,001 per sq. m. This marks the highest bid CIDCO has received in its 55-year history.
The e-auction, designed to promote transparency, fair competition, and optimal revenue generation, attracted strong participation from leading real estate firms. The auction was part of CIDCO’s Plot Disposal Scheme-46, which offered 30 plots for residential, commercial, and industrial use. While bids for 29 plots were finalised on October 17, the result for Plot No. 8 in Kharghar Sector 23 was initially withheld due to technical and procedural issues.
Developer Aakar Astron subsequently approached the Bombay High Court, requesting that the withheld bids be opened. CIDCO informed the court that technical glitches on the final auction day had affected some bidders, leading to multiple complaints via email. Following directions from the Bombay High Court and intervention from the Chief Minister’s Office, CIDCO opened the pending bids on Wednesday, a government holiday, finalizing the record-breaking sale.
The competition was intense, with the top three bidders—Aakar Astron, Noble Organics Pvt. Ltd. (Rs 5,05,001 per sq. m.), and Lodha Developers Ltd. (Rs 5,01,000 per sq. m.)—submitting their bids in the final seconds.
“The overwhelming response to the Kharghar plot auction reaffirms investors’ confidence in CIDCO’s transparent e-auction system and highlights the growing potential of Navi Mumbai as a prime business destination,” said a CIDCO spokesperson.
Source: The Free Press Journal
