The 28 Navi Mumbai plots up for e-auction brought in about Rs 1,356 crores for CIDCO. One of the remaining excellent sea-facing plots on Palm Beach Road, a 3.1 acre area in Sector 20, went for an outrageous price of Rs 5.54 lakh per square metre. This is roughly five times the base price of Rs. 1.14 lakh per m. given by CIDCO. This one transaction is for Rs 306 crores.
Details about 1.3 acre plot in the palm beach road sold for Rs.306 cr in an auction in Navi Mumbai:
The builder who purchased the plot indicated that his firm has not yet decided whether they have residential or commercial intentions for the property. According to Anarock Group Chairman Anuj Puri, “Since the epidemic, land deals have been rising in all the major cities. In the first nine months of 2022, MMR witnessed the most land deals, albeit the plot sizes are generally smaller due to the city’s lack of available land.
The biggest premium is always paid for sea-facing plots because they are the most scarce. The sale prices are frequently nothing short of outrageous for those that are available and have exceptionally high aspirational value.
There has been a strong demand in Navi Mumbai for planned developments, particularly in Panvel, Kharghar, Dronagiri, Ulwe, and Uran, said Pritam Chivukula, treasurer of CREDAI-MCHI.
The main elements influencing demand from investors for end-use or second-home purposes have been quick infrastructure development, ease of communication, open spaces, and greenery.
The Navi Mumbai International Airport and Mumbai Trans Harbour Link, two ongoing infrastructure projects, have increased demand among C-suite and HNI homeowners. Due to its proximity to Mumbai and the potential returns over time, even the location has generated a lot of investment opportunities from NRIs and local investors.
Following a record deal, CIDCO has made almost Rs 1,365 crore from the sale of 28 plots in Navi Mumbai.
