Posted 04/06/2016 in Category 1

Is there a slump? 4 Navi Mumbai plots fetch Cisco over 300 crore

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Is there a slump? 4 Navi Mumbai plots fetch Cisco over 300 crore

The Cidco on Thursday offered four plots in Canada and Nerul areas for Rs 319.18 crore.

While two bigger plots in Sanpada take prescription Palm Beach Road, another two are situated in Nerul. Niswati Designers LLP made the winning bid of the record high Rs 3.39 lakh per sqm for any 3,050 sq m plot in Sanpada, sector 7A. Akshar Realtors bid the greatest for that second Sanpada plot on Palm Beach Road in the rate of Rs 3.07 lakh per sq m. The 2 Nerul plots visited Bhagwati Infra and Varsha Developers whose winning bids were for Rs 1.64 lakh per sqm m and Rs 1.73 lakh per sqm m. Cisco chief representative, Mohan Ninawe, stated: “We’re pleased to get this type of tremendous response for that four land plots in Canada and Nerul. The Niwas Developers produced a brand new record of sorts within the purchase of tender plots by estimating the greatest rate of Rs 3.39 lakh per sqm.”

Ninawe added this is even greater than last year’s rate for any Nerul tender plot of Rs 2.82 lakh per sqm m. The previous secretary of the Navi Mumbai chapter of Maharashtra Chamber of Housing Marketplace (MCHI) Manohar Shroff stated, “The interest in land is definitely full of Navi Mumbai, especially on Palm Beach Road, and developed nodes like Vashi, Nerul, Belapur. However, while there’s started to become a general slowdown within the purchase of housing models, there’s still an acceptable interest in ready to move in flats.Rajesh Prajapati of Prajapati Designers stated: “The arrived cost for plots is 20% greater since 15% service tax and 5% stamp duty can also be relevant. Hence, the effective cost to the builder is really greater than Rs 4 lacs per Sq m. This really is even though fungible FSI can also be around the cards in Cidco areas.” Prajapati added this cost is suggestive of the effectiveness of Navi Mumbai housing industry and lays to relaxation the speculation by certain parts of a slowdown.


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