At 5x price, Navi Mum plot sold for record ₹5.5L/sq m

The real estate market in Navi Mumbai was on fire on Monday when one of the 28 plots put on the block by the City and Industrial Development Corporation (Cidco) fetched a record-breaking Rs 5.54 lakh per sq m.

- Nauzer K Bharucha.

Mumbai: This was nearly five times the reserve base price set by Cidco at Rs 1.14 lakh a sq m. It works out to Rs 306 crore for the roughly 1.3-acre plot (5,526 sq m) located at Sector 20, Palm Beach Road, Sanpada.

The builder who won the bid is Dinesh Pasoria of DPVG Ventures. His partner, Yogesh Thakker, told TOI, “This is the last of the prime sea-facing plots on Palm Beach Road. That is the reason why it fetched a record price.”