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Navi Mumbai: CIDCO to mop up Rs 1,355 crore from e-auction of 22 plots

The land parcels received bids at record prices. That’s thanks to implementation of the Unified Development Control and Promotion Regulations (DCR) for all of Maharashtra, excluding Mumbai.

Representational image.

Representational image.

The City and Industrial Development Corporation (CIDCO) in Navi Mumbai will bag Rs 1,355 crore from the e-auction of 22 plots in the Navi Mumbai area, according to results of an e-auction published on the website of CIDCO. The e-auction also received a record bid of Rs 5.54 lakh per sq m for a 5,526-sq-m plot ― the highest in the satellite city of Mumbai.

The plots are located in areas like Airoli, Koparkhairane, Ghansoli, Belapur, Nerul, Sanpada, and Vashi.

The plot that fetched the highest rate of Rs 306 crore is located in Sanpada around Palm Beach Road and has a sea view. However, according to local developers, the reason for this sky-high rate was the increased floor space index (FSI) given to it, thanks to the implementation of the Unified Development Control and Promotion Regulations (DCR) for all of Maharashtra, excluding Mumbai.

Under the unified DCR, developers are eligible for additional FSI against payment of a certain premium. FSI is the ratio that decides the total height of a building.