Kharghar: Kharghar continues to rise as one of Navi Mumbai’s most sought-after property destinations, with soaring demand for prime plots among leading developers. The City and Industrial Development Corporation (CIDCO) auction held on November 5, the plot No. 8 in Sector 23 drew a Rs 5.06 lakh per sqm highest bid.  

The 41,994 sq. m. plot, strategically located near ISKCON Temple and Central Park, received the highest bid from Aakar Astron and would fetch a whopping Rs 2125crore to the corporation. Surrounded by the Central Park service road, the plot is considered one of the most premium parcels of land in Kharghar.

Given its size and location, experts anticipate a landmark residential cum commercial development featuring modern amenities such as a clubhouse, swimming pool, gymkhana, landscaped gardens, walking tracks, and more.

The base reserve price for the plot was set at Rs 3.51 lakh per sq. m., but competition pushed the bids significantly higher. Other major contenders included Lodha Developers Ltd., with a bid of Rs 5 lakh, and Noble Organics Pvt. Ltd. at Rs 5.05 lakh per square meter.

According to Dharmendra Karia, chairman of Choice Group and trustee of the Builders Association of Navi Mumbai (BANM), homebuyers are increasingly seeking premium projects with enhanced amenities. “With a plot of this scale, the developer can create a landmark residential complex by utilizing the additional floor space index (FSI) offered by CIDCO,” he added.

Kharghar’s appeal is further boosted by several ongoing and upcoming infrastructure projects, including new metro lines, the Thane–Navi Mumbai International Airport (NMIA) elevated corridor, a 9-km double-decker road linking Palm Beach Road to NMIA, and the Ulwe Coastal Road.

CIDCO’s latest auction results covered eight plots across Kharghar, Ghansoli, and Kalamboli. Another plot in Kharghar’s Sector 8, measuring 4,050 sq. m. (Plot No. 16A), received a bid of Rs 4.51 lakh per sq. m. from Arora Universal Realty.

“Kharghar has everything—a golf course, Central Park, ISKCON Temple, and top educational institutions,” said Manohar Shroff, owner of Shivam Builders and Developers. “With excellent connectivity and massive infrastructure growth, both developers and homebuyers view Kharghar as a highly promising housing and commercial hub,” Shroff concluded.