In a historic auction, the City and Industrial Development Corporation (CIDCO) is set to bolster its coffers by a staggering Rs. 1180 crores from the sale of 18 plots, marking a record bid in its 53-year history.

The landmark sale witnessed a standout bid for Plot No. 23 situated in Nerul, Sector 4, fetching an impressive rate of Rs. 6.46 lakhs per square meter. This remarkable rate has surpassed previous records and has elevated CIDCO's revenue generation from plot sales to new heights.

However, the auction's success was not uniform across all plots, as several designated for bungalow developments failed to attract any bids. The lack of response has prompted CIDCO to reconsider its sales policy, particularly concerning the high base rates set for these specific plots, posing challenges for developers.

Developers participating in the auction were obligated to pay a 10 percent deposit amount, also known as the Earnest Money Deposit (EMD), based on the increased base rates set by CIDCO. This requirement has caused concerns among developers, leading to criticism of CIDCO's plot sale policy for its inability to entice a more favourable response.

Plot No. 23 in Nerul had previously been part of CIDCO's Plot Sale Scheme 33, where it garnered a rate of Rs. 6.72 lakhs per square meter. However, the failure of the initial bidder to remit the amount within the stipulated timeframe resulted in CIDCO repossessing the plot and re-offering it for sale, leading to the final sale at the revised rate.

Remarkably, this particular plot had been embroiled in a dispute involving a local political figure's attempts to usurp it for several years. CIDCO regained possession of the plot a year ago, subsequently offering it for sale via tender.

CIDCO's recent success in plot sales is part of a larger trend in Navi Mumbai, where plot prices have soared in recent months. Strategic plots across Airoli, Ghansoli, Vashi, Nerul, Belapur, and Kharghar have witnessed substantial increases in bids, underscoring the competitive landscape among developers vying for CIDCO's plots.

However, despite this success, challenges persist as some plots in Vashi Sector 19A failed to elicit any response from developers, including those in Ghansoli, Nerul, and New Panvel.

Simultaneously, CIDCO faces issues with plots usurped by land mafia and political office bearers in Navi Mumbai, resulting in hundreds of encroachments. The reluctance to take action against these encroachments due to political influence has fuelled calls for CIDCO to reclaim these plots and pursue legal action against those involved.

In contrast, the escalating demand for CIDCO plots is attributed to the city's robust infrastructure, including transportation networks such as railways, airports, and metro projects, attracting citizens to Navi Mumbai.

Anil Diggikar, Managing Director of CIDCO, highlighted the growing demand for CIDCO plots, attributing it to the city's evolving infrastructure and amenities, further driving the appreciation in plot prices.