NAVI MUMBAI: A recent Cidco tender for a 10-acre (42,000 square meter) plot in Kharghar’s Sector 23 attracted a record bid of Rs 2,120 crore, approximately Rs 5 lakh per sq m, from Aakar Developers.
Aakar group is required to pay 50% of the total amount to Cidco within the next three months.
Real estate analysts believe this marks the largest land transaction since the previous sale at Nerul-Seawoods for Rs 1,800 crore.
Local developer Manohar Shroff noted, “Kharghar has consistently been a promising area and has grown more appealing due to the Navi Mumbai airport, international universities, and a golf course, among others. There is significant demand for land in Navi Mumbai, particularly for premium housing projects.”
Developer Rajesh Prajapati commented, “The increased Floor Space Index (FSI) available to builders now makes such projects feasible. However, authorities impose a four-year deadline for project completion; otherwise, severe penalties are enforced, which is concerning.”
