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Navi Mumbai's property market heats up as a CIDCO plot in Nerul sells for a record Rs 6.72 lakh per square meter, sparking concerns over housing affordability. Activists and builders criticize the sale, claiming it will drive property prices to unattainable levels for average homebuyers. The escalating prices also threaten to strain existing infrastructure, such as roads, water, and power supply, leading to congestion. Experts urge CIDCO to transfer open plots to the Navi Mumbai Municipal Corporation for the creation of open spaces and social infrastructure to alleviate potential long-term sustainability issues.
Navi Mumbai is witnessing a fierce real estate price war as a City and Industrial Development Corporation (CIDCO) plot in Nerul sold for a staggering Rs 6.72 lakh per square meter. Activists and some builders have criticized the sale, claiming it will further push property prices in the city to unattainable levels, making it accessible only to the extremely wealthy or those with black money.
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CIDCO anticipates generating Rs 165.42 crore from the 2,459.33 square meter residential-cum-commercial plot, which has a Floor Space Index (FSI) of 1 to 1.5. The corporation recently offered 13 plots of varying sizes for sale, primarily located in Nerul, with others in Koparkhairane and Ghansoli nodes. Bids for these plots reached up to Rs 1.56 lakh per square meter in Ghansoli and Rs 6.72 lakh per square meter in Nerul.
Aramus Heaven LLP offered the highest bid for the Nerul plot near Palm Beach Road, exceeding CIDCO’s base price of Rs 1.04 lakh per square meter. In total, 12 realtors competed for the plot. Aramus Heaven LLP was registered in August 2022, according to online information.
Citizen groups have described the trend of high prices as speculative and detrimental to housing affordability. B N Kumar, director of NatConnect Foundation, suggests that CIDCO should stop selling open plots and instead transfer them to the Navi Mumbai Municipal Corporation (NMMC) for the creation of open spaces and social infrastructure.
This push for vertical development will likely strain existing infrastructure, such as roads, water, and power supply, resulting in congestion. Manohar Shroff, vice-president of the Navi Mumbai chapter of Maharashtra Chamber of Housing Industry (MCHI), argues that CIDCO’s limited land plot sales create unhealthy competition among builders, driving up land prices and making housing unaffordable for the average person in areas like Nerul or Vashi.
In conclusion, the recent sale of a CIDCO plot in Nerul for a record-breaking price has intensified concerns over housing affordability in Navi Mumbai. The escalating real estate prices may lead to increased pressure on existing infrastructure, raising questions about the city's long-term sustainability and accessibility for potential homebuyers.
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