CIDCO sells land parcels worth 256 crore in Navi Mumbai

Navi Mumbai’s development authority, City and Industrial Development Corporation of Maharashtra Ltd (CIDCO), has sold eight land parcels in the city via an auction amounting to Rs. 256 crore, according to sources.

Out of the total eight land parcels, seven are residential-cum-commercial usage plots at Nerul and a commercial plot in CBD Belapur. Highest bids for these land parcels were received in the range of Rs 1.55 lakh to 2.05 lakh per sq meter, confirmed a CIDCO official.

“Such high bids offered for these plots indicate that various infrastructure developments across Navi Mumbai, especially the upcoming Navi Mumbai International Airport is being priced in,” said Rajesh Prajapati, Managing Director of Prajapati Constructions.

Last year In May, Cidco had sold several plots in Nerul for around Rs 2.82 lakh per sq ft, which is the highest bid price for any land parcel in Navi Mumbai till date.

Awaited Navi Mumbai International Airport deal

Maharashtra Government may complete the land deal of Navi Mumbai Airport by January 15, 2015. As we all know that land acquisition deal of Navi Mumbai International Airport is much awaited, but now it is ready to takeoff in 2015.

The long awaited Navi Mumbai International Airport deal is finally ready for takeoff and it is expected that by January 15, 2015 this land acquisition deal will be completed. But still it is major challenge for Maharashtra Government to complete the deal in required time frame. CIDCO (City & Industrial Development Corporation) will launch the pre-construction development work in less than 30 days and tenders for the project is expected to be issue in the first half of 2015. The total area of land is 2,268 hectares which has to be acquired for this new international airport, however the process took time, it is now almost over. 90 per cent of the land required has been taken over and compensation in the form of 22.5 per cent developed land is being handed over to the project affected people. According to officials, we want to start pre-construction development work as soon as possible and this pre-construction development work will include reclamation of marsh land, increasing the level of land above sea level, flattening of one or two hills and diversions of road.

CM of Maharashtra, Devendra Fadnavis announced in the state assembly elections that his target is to make Navi Mumbai International Airport operational by 2019. As in present the traffic on Chhatrapati Shivaji International Airport at Santa Cruz in Mumbai is too high with 700 landings per day and it is expected that by 2017 this Airport will reach to saturation level. CIDCO’s (City & Industrial Development Corporation) format of providing 22.5 per cent land to the project affected people has been by and large accepted by most farmers and land holders. Total out of 1,194 land owners whose 671 hectare land is being taken for the main airport structures, 1,134 have already signed the documents and have accepted the compensation. According to 22.5 per cent formula more than 86 hectares of land has been allotted to the project affected persons, as per the statement of CIDCO officials.

This new second airport in Mumbai will be built on a ‘design-build-operate and transfer’ basis through public-private partnership, the pre-qualification discussions were attended by many companies such as GMR, GVK, IL&FS, Tata Realty, ESSEL Infra, Ferrovial, Zurich Airports and Vinci. The other main condition for the developer is that developer should offer the hortest period in recovering the cost and handing over the project back to the government, whereas the bidding process has been estimated to be open in first half of 2015.

The Central Government of India, approved the state’s proposal to make available for an airport developer the share from the non-aeronautical revenue, which means hat the major hurdle for competitive bidding has been resolved with the extension of the clause. But here the developer will get the extra in the form of sharing in profitability of outlets, shops, parking and other sources of revenue on long term basis.

Navi Mumbai is trying to solve the problems of overpopulation in Mumbai. However, the township have a good chance to become one of the largest planned cities in the world and boasting the excellent socio-infrastructure including rail and road connectivity with Mumbai and supply of power and water. In the period of 2009 to 2014, this satellite township has witnessed more than 80% growth in property prices, and in Mumbai real estate sector has witnessed the average growth of 70%.

 Games changing infrastructure in Navi Mumbai: Good to stay and best to invest

•   Navi Mumbai International Airport (NMIA).
•   Mumbai Trans Harbour Link (MTHL).
•   Navi Mumbai Metro.
•   Sion- Panvel Expressway.
•   Nerul-Seawood-Uran Railway Corridor.
•   Mumbai-Pune Expressway.
•   Santacruz-Chembur Link Road (SCLR).

Today, Navi Mumbai has become one of the realty magnets for both commercial and residential development with shopping malls, SEZs, modern residential complexes and IT Parks. Once upon a time, Navi Mumbai was neglected area but now the scenario is different and it is attracting the high investment in real estate sector.

Few popular real estate projects in Navi Mumbai:

Currently, the city is witnessing approximately 450 ready-to-move-in projects and 350 under-construction projects. Space India, Arihant Developers, Bhagwati Group, Platinum Constructions, and the Nirman Group are the few names, who are ruling in the real estate market in Navi Mumbai. Here developers are launching quality projects, in different sectors such as; commercial and residential sectors.

Strategic location:

Navi Mumbai is spread over an area of50 square kilometers; it is also the commercial and financial capital of the country. Navi Mumbai SEZ has access to rail linkages and well-developed road as well as JNPT. JNPT is one of the largest and most modern seaports areas. City is also nearby large industrial areas and Pune-Mumbai-Thane knowledge corridor provides the instant access to the skilled manpower.

State-of-the-art infrastructure:

Navi Mumbai offers the state-of-the-art infrastructure and services, residential units in SEZ provide a access to world-class infrastructure and you can chose between flatted factories, built-up office space and land plots. These facilities are ready to use with all basic and necessary infrastructure and services. Other infrastructures include; social amenities, convention centers, recreational facilities and more.

Prices are on way to up:

Demands of property, both residential and commercial are growing high in recent years. Buyers, speculators and investors are making the sound investment in the region on the fast track; Navi Mumbai is emerging as the second most expensive residential location in country due to its strategic location. The SEZ is the project proposed by Reliance industry over an area of 3,200 acres and has played a major role in the rising prices.

From mid-seventies, Mumbai is trying to cater the demand for real estate sector with the eye on future and that’s why Navi Mumbai comes in existence and now this satellite twin of Mumbai is largest planned new city in the world and spread on the area of about 344 kms.