CIDCO Plot Bidding Winners To Construct Residential Cum Commercial Towers

City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) has earned Rs 308 crore by selling nine tender plots to the highest bidders on Wednesday. While seven plots are in prime areas of the Kharghar node, two are in Kalamboli.

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CIDCO Plot Bidding Winners To Construct Residential Cum Commercial Towers

CIDCO earned as much as Rs 215 crore from the seven Kharghar tender plots and the two Kalamboli plots fetched around Rs 93 lakh. These are quite high land prices in these newly developed nodes of Navi Mumbai. Eventually, the winning bidders will construct residential cum commercial towers on these plots and the individual units will gain command high rates at the time of sale, said former secretary of Maharashtra Chamber of Housing Industry (MCHI)-Navi Mumbai.

Read Also: CIDCO: Biggest Housing Scheme For Economically Weaker Section

City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) has earned Rs 308 crore by selling nine tender plots to the highest bidders on Wednesday. While seven plots are in prime areas of the Kharghar node, two are in Kalamboli.

Besides paying CIDCO, the developers will also have to pay an additional 18% goods and services tax (GST) to the government on these land deals. Activists too are concerned about the high land prices in Navi Mumbai.

Read Also: Proposal To Rope Private Landowners With MHADA To Implement PMAY Cleared

An activist from Kharghar said it is surprising how the land and real estate rates in Navi Mumbai nodes, like Kharghar, are rising fast. Ultimately, the public will have to pay high amounts, in crores, to buy flats and shops here when the constructions are ready. Common people will not be able to afford such high rates.

But under the Pradhan Mantri Awas Yojana, CIDCO is making over 15,000 affordable housing units for the common man in areas like Ghansoli, Ulwe and Kalamboli. These will be ready in the next two years.

Read Also: Buyers Love Budget-Friendly Homes In Well-Connected Locations

Source Link- https://timesofindia.indiatimes.com/

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