The City and Industrial Development Corporation (Cidco) earned more than Rs 865 crore via auction sales of three tender plots in the Ghansoli node. The winning bids were released on Wednesday evening.

The biggest plot comprising residential and commercial space of over 16,000 sq m was awarded to Satyam Realty for a cost of Rs 1.78 lakh per sq m.

TPV Ventures bagged a plot of 13,500 sq m for Rs 3.06 lakh per sq m. Neelkanth Infratech won the third plot measuring 6,000 sq m at a cost of Rs 2.55 lakh per sq m.

Manohar Shroff, vice-president, MCHI-Navi Mumbai, said that this is a positive development for Navi Mumbai realty. It showcases that builders have high hopes for the construction of the Ghansoli node.

Activist B N Kumar has termed the rates bid highly speculative that can't be executed since the plot rates work out Rs 17,000 to Rs 30,000 per sq ft. Additionally, builders will have to pay a 12% GST and a 6% stamp duty.

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