**Mumbai: Navi Mumbai International Airport Spurs Record-Breaking Land Auction in Kharghar**
As the Navi Mumbai International Airport (NMIA) prepares to commence operations next month, the City and Industrial Development Corporation (CIDCO) has generated a remarkable Rs 890 crore through a recent auction of plots. Notably, one site in Kharghar achieved a record-breaking price of Rs 7.35 lakh per square metre.
CIDCO had invited bids for 32 plots spread across seven nodes, including Airoli, Ghansoli, Kharghar, and Nerul. Despite this, only 10 plots received valid bids, collectively amounting to Rs 890 crore. These plots were designated for varied uses such as residential, bungalow, service industry, and residential-cum-commercial developments. Depending on the plot type, development is permitted with Floor Space Index (FSI) ranging from 1.1 to 2.
A standout bid was placed by Abhinandan Builders for a 3,001.03 sq metre residential-cum-commercial plot in Sector 6, Kharghar. The bid—Rs 7.35 lakh per square metre—was more than double the base price of Rs 3.35 lakh per square metre, marking it as the highest price ever offered for any plot in the Kharghar node.
Real estate expert Manohar Shroff commented, “This is the highest price ever offered for any plot in the Kharghar node. It reflects growing interest from both builders and home buyers, particularly due to the proximity to the upcoming NMIA.” He further added that demand for housing in the area is expected to surge significantly, along with property prices.
Another noteworthy bid was for a large 20,955 sq metre residential-cum-commercial plot in Sector 37, Kharghar. It received an offer of Rs 2.34 lakh per square metre, above the base price of Rs 2 lakh, generating a total of Rs 490 crore.
Developers highlight that the recent removal of height restrictions in Navi Mumbai has played a vital role in increasing demand for land, which in turn has driven up bidding prices.
In the midst of this booming real estate market, both developers and social activists are urging prospective home buyers to exercise caution. They emphasize the importance of purchasing properties registered with the Real Estate Regulatory Authority (RERA).
Prashant Shivajirao Angude, a social activist, recently raised concerns about a developer in Kharghar selling flats without proper RERA registration. He warned, “Home buyers must not fall prey to false promises. No project should be booked without valid RERA registration.”
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https://www.freepressjournal.in/mumbai/navi-mumbai-news-cidco-earns-nearly-900-crore-from-auction-of-10-plots
