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Four CIDCO plots located in Nerul's Sector 28 were sold earlier this week for a record INR 7.65 lakh per square metre, fetching nearly INR 1,500 crore in total. The plots were awarded to Parth Life Spaces through CIDCO's tender process. Real estate experts linked the high bid to the upcoming Navi Mumbai International Airport and increasing land scarcity in prime nodes. However, concerns have been raised that such pricing could push average property rates to INR 50,000 per square foot, affecting housing affordability for middle- and lower-income groups in the area.
CIDCO has achieved a record-breaking land sale in Navi Mumbai, with four adjoining commercial plots in Sector 28, Nerul fetching INR 7.65 lakh per square metre. The plots, each measuring between 4,517 and 5,153 square metres, are located near the Jewel of Navi Mumbai Lake. The total value of the deal is close to INR 1,500 crore. Advertisement
The plots were awarded to Mumbai-based developer Parth Life Spaces through CIDCO's e-tender process. This is one of the highest per-square-metre land rates recorded in Navi Mumbai to date.
Officials and developers believe that the price surge is primarily driven by the upcoming Navi Mumbai International Airport and the area's growing commercial potential. Sector 28, being a well-developed and centrally located node, has seen sharp appreciation over the past few years. The winning rate was significantly higher than earlier land sales in the region.
Real estate analysts said that with this land cost, any future development on the site is likely to be priced at a minimum of INR 50,000 per square foot. This could make homes unaffordable for middle-class families and shift the buyer base toward high-net-worth individuals or institutional investors.
Housing activists raised concerns about the long-term impact of such price trends, warning that excessive land pricing could drive away working-class residents. Developers added that while land value appreciation is natural in infrastructure-led growth zones, there needs to be a balance. If land prices continue to rise at this pace, it could limit the scope for developing mid-income and affordable housing in Navi Mumbai's prime areas.
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