A 5,526-square metre (sqm) residential-cum-commercial plot at Sanpada, Navi Mumbai, was sold at Rs 5.54 lakh per sqm rate in a CIDCO e-auction. This is the highest bid that CIDCO has received in Navi Mumbai, says a report by FPJ.
Located near the Palm Beach Road, Sanpada, the plot has a base rate of Rs 1,14,089 per sqm— the winning bid was around 5 times this amount. While 6 bidders showed interest for this plot, DPVG Ventures emerged the winner.
In Navi Mumbai, buildings can be constructed upto an elevation of 160.10 million above the sea level (around 48 stories) after receiving an approval from Airports Authority of India.
While the plot can be developed with a FSI of 1.5, the developer can use FSI of up to 5 vertically with the implementation of the Unified Development Control and Promotion Regulations.
