| The tender brought out by the City and Industrial Development Corporation (CIDCO) saw deals struck at as high as Rs 95,000 per sqm (square metres) in places such as Palm Beach Road at Nerul. In Kharghar, land was bought at Rs 55,000 per sqm. |
| It was Ravechi Enterprises which purchased the plot at Palm Beach. "In Nerul, plots are available between Rs 55,000 per sqm and Rs 75,000 per sqm," said Anil Bagaria, a Panvel-based real estate agent. Six months ago, the rates were hovering around Rs 15,000 per sqm, he added. |
| It is also learnt that another plot in Sanpada area was sold at Rs 82,000 per sqm through a CIDCO tender. |
| Realty sector observers, however, say that it is only a handful of builders, who are going in for such high rates and are creating a panic among their peers. |
| Big guns like Shah Builders & Developers and Haware & National Builders have not purchased any new plot in the recent past. Sources said a key reason could be the economic unviability factor involved in any such new land purchase. |
| Ramesh Bhai Shah, president, Navi Mumbai Builders & Developers Association, said, "The special economic zone (SEZ) proposed by Reliance over an area of 3,200 acres is a big factor for such price hikes. Such mega projects leave Navi Mumbai with little availabe land. The overall development of Navi Mumbai is also a contributing factor." |
| Jamna Das Palan, president, Builders Association of Navi Mumbai, said Navi Mumbai does not have enough available land. As a result, builders have only one option "" to jack up their costs substantially. |
| Industry sources said the upcoming projects that have contributed to the surge in real estate prices as potential factors are the World Trade Centre, Panvel-Karjat railway local, Dhapoli amusement park, international airport, Sewri-Nhava sea link and the Jawaharlal Nehru Port Trust-Goa express highway (reducing the distance by 215 km). |
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