HomePress ReleaseTOI: 9 Kharghar, Kalamboli plots fetch Cidco Rs 308cr

TOI: 9 Kharghar, Kalamboli plots fetch Cidco Rs 308cr

Navi Mumbai: The City and Industrial Development Corporation of Maharashtra Ltd (Cidco) has earned Rs 308 crore by selling nine tender plots to the highest bidders on Wednesday. While seven plots are in prime areas of the Kharghar node, two are in Kalamboli.
Real estate experts said the seven Kharghar plots went for rates as high as Rs 1.97 lakh per sq m, while the lowest bid rate was Rs 82,000 per sq m.

“Cidco earned as much as Rs 215 crore from the seven Kharghar tender plots and the two Kalamboli plots fetched around Rs 93 lakh. These are quite high land prices in these newly developed nodes of Navi Mumbai. Eventually, the winning bidders will construct residential-cum-commercial towers on these plots and the individual units will again command high rates at the time of sale,” said Manohar Shroff, former secretary of Maharashtra Chamber of Housing Industry (MCHI)-Navi Mumbai.

But Cidco spokesperson Mohan Ninawe disagreed. “I will not call them high or exorbitant land rates. Looking at the prime locations of these plots, the developers have quoted the right prices,” Ninawe said.

Besides paying Cidco, the developers will also have to pay an additional 18% goods and services tax (GST) to the government on these land deals.

Activists too are concerned about the high land prices in Navi Mumbai.

Activist Ravi Srivastava from Kharghar said, “It is surprising how the land and real estate rates in Navi Mumbai nodes, like Kharghar, are rising fast. Ultimately, the public will have to pay high amounts, in crores, to buy flats and shops here when the constructions are ready. Common people will not be able to afford such high rates.”

But Ninawe pointed out: “Under the Pradhan Mantri Awaas Yojana, Cidco is making over 15,000 affordable housing units for the common man in areas like Ghansoli, Ulwe and Kalamboli. These will be ready in the next two years.”