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In one of Navi Mumbai's biggest land deals, CIDCO sold a 42,000 sq. m. (over 10-acre) plot in Kharghar's Sector 23 to Aakar Developers for INR 2,120 crore, translating to about INR 5 lakh per sq. m. - the highest rate recorded in the area. The developer must pay 50% of the amount within three months. While higher FSI has improved project viability, the four-year completion deadline and strict penalties remain challenges. The deal cements Kharghar's position as a premium real estate hub, supported by strong infrastructure, education, and lifestyle amenities, as Aakar Developers prepares to deliver on this landmark investment.
In a major land transaction concluded last week, CIDCO put up a plot spanning approximately 42,000 m² (over 10 acres) in Kharghar's Sector 23, which secured a bid of INR 2,120 crore from Aakar Developers. The per-square-metre rate translates to roughly INR 5 lakh, making it the most expensive land deal recorded in the node since the Nerul-Seawoods tender fetched INR 1,800 crore. Advertisement
Aakar Developers is required to deposit 50% of the bid amount with CIDCO within the coming three months. One developer pointed out that availability of enhanced floor?space index (FSI) is making such premium projects viable, though he cautioned that the four-year completion deadline imposed by authorities - together with steep penalties for non-compliance - remains a point of concern.
This transaction confirms that Kharghar is now firmly perceived as a premium real-estate hub within Navi Mumbai, capable of driving record land value. The combination of infrastructure triggers, educational institutions and recreational amenities has bolstered investor confidence in the zone. For Aakar Developers, the challenge will be to deliver within the mandated time and utilise the enhanced buildability effectively to capitalise on this landmark investment.
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