Navi Mumbai's Palm Beach Road is witnessing an exceptional demand for land. The recent CIDCO auction saw a record bid of INR 6.46 lakh per square metre for a plot in this prime location.
The plot, number 23 in sector 4, is situated at the Nerul entrance from Palm Beach Road. The 2,459.33 sq m of residential and commercial land has a floor area percentage of 1.5 FSI.
Interestingly, this site was previously sold for a record-breaking INR 6.72 lakh per square metre during the auction in March of this year. However, the highest bidder, Aramus Heaven LLP, later withdrew.
Then, Falcon Electro-Teek Private Limited placed the highest bid of INR 6,46,803 per sqm. The site will now cost INR 159.07 crore plus an additional 18% GST. Although this bid is lower than the previous one, it is still almost INR 1 lakh per square metre more than the previous highest record.
CIDCO raised the base price to an incredible INR 5,18,328 per square metre this time after understanding that Palm Beach Road plots are in high demand due to a shortage of land in the area. CIDCO receives ₹1,171 crore in windfall, but no offers are made for half of the plots.
Reports state that these prices apply to the plot's location. Surprisingly, 18 of the 36 available plots—including bungalow plots—had no offers. This is unprecedented and is attributed to the high base price and current state of the market.
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