CIDCO Achieves Historic Rs 2,125 Crore Kharghar Land Sale In Auction

The City and Industrial Development Corporation (CIDCO) has achieved a record-breaking land transaction with the e-auction of a prime plot in Kharghar’s Sector 23 for ₹2,125 crore — the highest single sale in its 55-year history. The 41,994 sq. m. parcel, acquired by a private developer through a transparent bidding process, underscores the escalating value of Navi Mumbai’s planned business districts.

According to officials, the premium plot was awarded at ₹5.06 lakh per sq. m. after intense competition among leading developers. The online auction platform, introduced to enhance transparency and maximise public revenue, drew eight bidders, with the top three submitting their final offers within seconds of the deadline. The result signals robust investor confidence in Navi Mumbai’s real estate ecosystem, especially as the city’s connectivity and commercial infrastructure continue to expand. The sale forms part of CIDCO’s Plot Disposal Scheme-46, under which 30 land parcels were released for residential, commercial, service, and industrial development. While 29 plots were successfully auctioned last month, one — the record-setting Kharghar plot — had been withheld due to technical concerns raised during the bidding process.

Subsequent intervention by the Bombay High Court and the Chief Minister’s Office ensured that the pending auction was conducted transparently. Officials said the move demonstrated the government’s commitment to maintaining fairness and accountability in public asset transactions. The record revenue from this single plot is expected to substantially strengthen CIDCO’s finances, enabling further investment in housing, infrastructure, and civic amenities. Industry analysts view this auction as a turning point for Navi Mumbai’s property market. “Such bids reaffirm developers’ faith in the city’s long-term growth potential, particularly with major projects like the international airport, metro connectivity, and improved road networks nearing completion,” noted a real estate expert.

Beyond the numbers, the sale highlights the need for balanced urban development — ensuring that rising land values translate into inclusive and sustainable city planning. Experts have urged that part of the auction revenue be reinvested into affordable housing, green mobility, and public infrastructure to maintain Navi Mumbai’s planned urban character and liveability. CIDCO’s achievement not only cements Navi Mumbai’s reputation as one of India’s most organised growth corridors but also reflects the importance of transparent governance in attracting responsible investment and sustaining equitable urban expansion.

CIDCO Achieves Historic Rs 2,125 Crore Kharghar Land Sale In Auction