City and Industrial Development Corporation of Maharashtra (Cidco) has tendered seven plots spread across nine acre for developing a three-star hotel and six residential and commercial complexes. It is known that the corporation has been spurred to develop its properties by the proposed Navi Mumbai International Airport. The bids, which base price is pegged at Rs 36,000 a sq m, will be accepted on May 30. The total land area known is to be around 84,000 sq m. Reportedly, Cidco expects a maximum of Rs 400 on bidding on the base price.
As per reports, a total of seven plots have been tendered. These prime plots, in Khanda Colony, are close to Panvel, Sion-Panvel Highway and old Mumbai-Pune Highway. The plots are are in close proximity to schools and a shopping mall.
Further, the CUC department has been entrusted with the work of marketing the plots by Cidco, in order to make it accountable in case of encroachment on the plots, if any, and instil faith in bidders. According to reports, this perhaps, is the first time that the marketing department has not been roped in, even though the sale of plots involves a three-star hotel.