Navi Mumbai Real Estate: CIDCO Offers 26 Plots Including 13 Bungalow Sites

The City and Industrial Development Corporation (CIDCO) has unveiled 26 plots for residential cum commercial, bungalow, and commercial purposes in Ghansoli, Vashi, Sanpada, Nerul, Kharghar, New Panvel, and Kalamboli nodes in Navi Mumbai.According to the developers' body MCHI, this provides an opportunity for buyers to acquire plots for constructing their own homes, particularly with a significant number of bungalow plots on offer.

Over the past three years, CIDCO has made plots available in various sizes, from bungalow plots to plots suitable for larger residential complexes.The plot sizes range from 131 sq meters to 6927 sq meters, with a development potential of 1.1 FSI.CIDCO's Marketing department initiated the sale of plot booklets on March 15.Among the 26 plots, 13 are earmarked for bungalows, situated in sector 19 of Kharghar. The base price of these bungalow plots varies from Rs 1,31,591 to Rs 160,591 per sq meter. Additionally, there are 10 plots designated for residential cum commercial purposes in Ghansoli, Nerul, New Panvel (E), and Vashi. A 004 sq meter commercial plot is available in Kalamboli.

Manohar Shroff, senior vice president of MCHI Credai Navi Mumbai, anticipates heightened competition among developers due to CIDCO's increased plot availability. However, he advises homebuyers to ensure that they invest only in RERA-registered projects. "Homebuyers must verify before making an investment," cautions Shroff.

The removal of height restrictions on buildings in Navi Mumbai has led to increased land prices. In December 2023, CIDCO generated Rs 1160 crores from the auction of 17 plots across Navi Mumbai.A 2459 sq. meters residential cum commercial plot in sector 4 of the Nerul node fetched the highest bid price at Rs 6,46,803 per sq meter, with Falcon Electro Tek Private Limited emerging as the top bidder.