Navi Mumbai’s property market is showing strong momentum ahead of the upcoming airport launch, with the City and Industrial Development Corporation (CIDCO) raising nearly ₹900 crore from its latest land auction. Of the 32 plots placed under the hammer across seven nodes, only 10 attracted successful bids, but the response underscored growing investor appetite for high-value land parcels in strategic locations.
A residential-cum-commercial plot measuring just over 3,000 square metres in Kharghar stood out in the auction, fetching an unprecedented ₹7.35 lakh per square metre. The price was more than double the reserve rate of ₹3.35 lakh, setting a new benchmark for the node. Property consultants described the outcome as a reflection of developers’ increasing confidence in Kharghar’s growth prospects, especially given its proximity to the Navi Mumbai International Airport (NMIA), which is scheduled to begin operations next month. Another significant deal came from Sector 37 in Kharghar, where a large residential-cum-commercial parcel spanning over 20,000 square metres attracted ₹2.34 lakh per square metre. That single transaction contributed nearly ₹490 crore to CIDCO’s coffers. The overall auction receipts of ₹890 crore highlight how select plots continue to command premium valuations despite broader market caution.
Experts point to a combination of factors fuelling this surge. The removal of height restrictions in parts of Navi Mumbai has opened the door to taller developments, enhancing the commercial viability of prime sites. Simultaneously, improved transport infrastructure and the imminent airport are pushing both builders and buyers to position themselves early in anticipation of a demand upswing. Real estate analysts emphasise that the latest bids will have ripple effects on the broader market, with prices expected to firm up across nodes like Airoli, Ghansoli, Nerul, and Kharghar. They also note that the nature of the plots—ranging from bungalow and service industry use to mixed residential-commercial—offers flexibility for developers targeting diverse segments.
At the same time, civic voices are urging caution. Social activists stress that prospective buyers must verify whether projects are registered under the Real Estate Regulatory Authority (RERA) before making commitments. Authorities warn that no property should be booked without proper registration to safeguard consumers from false assurances. For CIDCO, the successful auction bolsters its financial position while signalling investor confidence in Navi Mumbai’s urban expansion model. For residents and developers alike, the outcome underscores both the opportunities and the responsibilities that come with a rapidly appreciating property market shaped by one of the country’s most anticipated infrastructure projects.
Navi Mumbai CIDCO Earns Nearly 900 Crore From Auction Of Ten Plots
