NAVI MUMBAI: Four Cidco tender plots in Nerul were sold to a developer on Thursday for an astonishing price of Rs 7.65 lakh per sq m.
Real estate analysts suggest that the high price reflects the impending Navi Mumbai International Airport. However, activists express concern over the affordability of housing for working-class individuals, given the steep land prices. Parth Life Spaces, the winning bidder, will owe Cidco a total of Rs 1,500 crore for these four plots.
Manohar Shroff, a partner at Shivam Builders, remarked: “The four adjacent plots in Nerul Sector 28, ranging from 4,500 sq m to 5,100 sq m, are located behind the Jewel of Navi Mumbai Lake. This record land deal will ultimately burden consumers purchasing properties in the area. While the new airport contributes to the high land rates, builders must manage prices to prevent excessive soaring.”
Rajesh Prajapati, head of MCHI-Credai (Raigad), mentioned: “I prefer not to speculate on the factors that resulted in such high rates for these plots. This is a delicate matter, and any speculation could directly impact the real estate market.”
When contacted, a spokesperson for Cidco confirmed the record land sales but declined further comment.
Activist B N Kumar of NatConnect Foundation stated: “Following this record land bidding in Nerul, one questions how builders will attract consumers, as prices here may exceed Rs 50,000 per sq ft. Only serious investors from India and even Dubai might afford these rates, leaving out ordinary salaried individuals.”
RTI activist Anarjit Chauhan added: “In the past, middle-class families lived in Navi Mumbai and Thane. In the mid-nineties, as real estate prices surged, the working class moved to areas like Panvel, Mira Road, and Vasai-Virar for affordable housing. Now, only the affluent can afford to live in places such as Vashi, Nerul, and Palm Beach Road. The middle class appears to be overlooked.”
