Cidco floating bids for realty projects

Cidco is all set to float bids for the construction of prime plots close to Sion-Panvel Highway and old Mumbai-Pune Highway and bids will be accepted on May 30 with the base price pegged at Rs.36,000 a square metre and the total land area is around 84,000 square metres. Cidco expects a maximum of Rs.400 crore on bidding on the base price. The bidding will be a reality check on the demand for prime land in the city and interest shown by well-known builders and developers. Cidco wants signature developers to evince interest in the projects. Meanwhile, Bhushan Gagrani, Managing Director, Cidco, has entrusted marketing of the plots to the CUC department to make it accountable in case of encroachment on the properties. This is perhaps for the first time that marketing department has not been roped in, though the sale of plots involves a three-star hotel. Now, seven plots spread across nine acres have been tendered for developing a three-star hotel and six residential and commercial complexes as the agency has spurred development of its properties due to the area’s close proximity to the upcoming Navi Mumbai International Airport.