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.