Mumbai: Cidco puts twelve bungalow plots on auction at Ghansoli

There's an image that most of the government bodies that provide housing provide homes only the Lower Income Group and the Economically Weaker Section. However, things are changing and City and Industrial Development Corporation (Cidco) has decided to auction bungalow plots (row houses) in Navi Mumbai.

Developer from Navi Mumbai says that during auction plots like this have been commanding a price that is six to seven times more than the base price. A total of 12 plots located in sector four of Ghansoli have been put up for auction. These plots measure anywhere between 45 sq mts to 66 sq mts. These base rate per sq mt of eight of the plots is Rs 35,813 per sq mts, while for the remaining four it is Rs 30,800 per sq mts. The cheapest bungalow plot is plot number 87 and 88, spread over 45 sq mts, being auctioned at a base price of Rs 30,800 of which Earnest Money Deposit is Rs 1.38 lakh and would cost a minimum of Rs 13.80 lakh.

There are two most expensive plots that are being auctioned, for which the home buyer will have to shell out anywhere above Rs 23.63 lakh, the reserve price for this plot is Rs 35,813 per sq mts, while the Earnest Money Deposit comes to Rs 2.36 lakh. These are plot numbers 456-457 and plot numbers 459-460. A senior official from Cidco said, that this is after a long time that Cidco has come up with plots for row houses. They are expecting a good response to this project. The registration has already begun and the last date for application for the bungalow plots is till September 25 and the e-auction for a lease of these plots will be held from September 26 till 1 pm of September 27.

Manohar Shroff a developer from Navi Mumbai says, "During one of the previous tenders like this, where Cidco has put some 25 plots for auction it received more than 700 applications and the base price that was around Rs 30,000 per sq mt, people had bid as high as Rs 1.50 lakh to Rs 2.25 lakh per sq mts."

Shroff says that many developers also bid such auctions and they bid high so that the rate for the area gets fixed at that high rate.