The city and industrial development corporation (CIDCO) has offered 36 residential-cum-commercial plots in Ghansoli, Vashi, Sanpada, Nerul, Kharghar, New Panvel and Kalamboli nodes in Navi Mumbai.
Developers’ body Maharashtra Chamber of Housing Industry (MCHI) has said that this is the right time to buy a house as the availability of plots in good numbers has checked the price rise. For three years, CIDCO has made available plots of all sizes, from raw house bungalow plots to plots for bigger residential complexes.
‘Buyers must verify before making investment’
The size of plots ranges from 157.78 sq mt to 7432 sq mt and these plots can be developed with a 1.1 floor space index (FSI). An official from the CIDCO’s marketing department said that the sale of the booklet of these plots started on Diwali.
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Manohar Shroff, senior vice president of MCHI Credai Navi Mumbai, said that this offer is likely to bring competition among developers. However, he warns homebuyers to buy houses only in RERA-registered projects. “Home buyers must verify before making an investment,” cautions Shroff.
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Removal of height restrictions on buildings in Navi Mumbai has unlocked the potential of land prices. In March 2023, a 2459 sq mt residential cum commercial plot in the Nerul node received a record bid of Rs6.72 lakh per sq mt during an e-auction carried out by CIDCO. The bid price is the highest ever in the city, said an official from CIDCO.
