CIDCO Will Generate INR 1365 Crores From the Auction of 28 Plots in Navi Mumbai

Navi Mumbai, November 2022:

The recently conducted e-auction of twenty-eight plots in Navi Mumbai would net Cidco around Rs 1,365 crore. One of the properties in Sector 20, Palm Beach Road, Sanpada sold for Rs 5,54,500 per square metre.

Dinesh Pasoria of DPVG Ventures won the offer, and the business is reportedly still deciding whether to use the property for commercial or residential reasons.

According to Sanjay Mukherjee, VC and MD of Cidco, it is a record and a testament to the transparent bidding-cum-e-auction procedure employed by Cidco and the market's trust in Cidco's development initiatives.

In addition, Raajesh Prajapati, founder president of CREDAI-MCHI (Raigad), confirmed that after the urban development ministry resolved the majority of impediments regarding constructions in the Navi Mumbai region and the development of a new airport and the Mumbai Trans harbour Link, there has been a significant increase in demand for properties in this region.

Consumers continue to recognise the significance of maximising their investments in Navi Mumbai, as the region provides a variety of alternatives.Cidco predicts that demand will increase, and that the record-breaking offer will help boost the confidence of consumers/investors who were on the fence or in the process of investing.

With the anticipated issuance of occupancy certificates for future developments, they anticipate many more investments in Navi Mumbai.