Land prices soar in Navi Mumbai

Mumbai, May 9 (UNI) The cost of land in Navi Mumbai has reached astronomical heights with a bidder bidding Rs 101,000 per square metre for a plot of land belonging to the City and Industrial Development Corporation (CIDCO).

The satellite city will soon have a seven star hotel and a world class mall on this plot of land.

The cost of land has increased because of the proposed airport and the unaffordable real estate prices in Mumbai.

The plot of land at sector number 20 at Vashi near Kharghar belonged to CIDCO and when the tenders were called, no one expected the cost to be so high. Even CIDCO officials were surprised to know that the cost quoted was Rs 101,000 per square metre for the 7,014 square metres plot.

The plot of land was bought through tender by Shah Builders and the Somaiya Trust, who have purchased a similar plot of land for Rs 91,111 per square metre.

Shah Builders chairman Nalin Shah said, ''We will be constructing a world class mall, the biggest one in Vashi, that will be designed by foreign architects and also a seven star hotel that will be the major land mark for the area.'' Somaiya Trust chairman Shantilal Somaiya said, ''I am happy with the result and with Shah Group as our partner we will succeed in all our plans.'' According to Shah, many national and international brands are inquiring about the mall and some other developers have offered a very big premium for the plot of land.

The builders of the area, who did not wish to be named said, ''We do not know why such a price has been quoted and how the real estate prices in the townships will be affected.'' The total cost of the two plots of land is Rs 135 crores and the previous high for the area was Rs 45,000 per square metre around a year back, which has more than doubled.

UNI