Palm Beach Road land in Navi Mumbai defies the odds of the sluggish real estate market, sold at Rs 3.33 lakh per sq m; builder says he had placed a low bid
The strategically located plot is amongst the last few available on Palm Beach road and hence, was sold for such a high price. Representation pic
The strategically located plot is amongst the last few available on Palm Beach road and hence, was sold for such a high price. Representation pic
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Navi Mumbai's posh Palm Beach Road has defied the odds of the sluggish real estate market. Yesterday, the area saw one of the costliest deals being brokered after tenders were opened on Thursday when a land parcel measuring more than 7,000 square meters was sold at approximately Rs 247 crore. The land was sold at Rs 3.33 lakh per square meter.
'Placed low bid'
Bhumiraj developers, who won the bid, had quoted a price of Rs 3.33 lakh per square meter for the 7,430 sq m plot. After winning the coveted plot, Bhupendra Shah, owner of Bhumiraj said, "I had placed a low bid. I was expecting the price to be higher, however, it turned out to be the highest and I'm happy that I got the plot. If CIDCO gives me the letter today, I shall make the payment immediately," said Shah.
The base price for the plot was R71,999 per square metre, making the winning price almost five times greater than the original. The earnest money deposit for the plot was R5.35 crore.
Strategically located
Arvind Goel, head of MCHI-Navi Mumbai, the suburb's apex real estate, claims that this is one of the highest amounts paid by a builder for the land. "The reason why this deal is the highest in Navi Mumbai is because the plot is amongst the last ones available on Palm Beach road. It is strategically located and hence, has this pricing," said Goel. He claims that the real estate rates in Navi Mumbai are as close as those of Chembur, with lesser FSI. The FSI in Chembur is above 2.5 while here it is only 1.5.
"Hardly a month or two from now physical work at Navi Mumbai airport would commence and already there's a surge in land prices. This clearly shows that Navi Mumbai has a lot of potential," said Goel.
Among highest deals
Mohan Ninawe, public relations officer, CIDCO confirmed the deal and said, "This is amongst the highest deals we have had. One deal earlier whose price I can recall was quoted at Rs 3.39 lakh per square metre. The response was good."
Rs 72k
Base price for the plot per sq m
Rs 5.3cr
The earnest money deposit for the plot
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