With two significant ongoing infrastructure projects for a direct connectivity with South Bombay (SOBO), such as international airport and MTHL, Navi Mumbai nudges the prime realty prices in Mumbai’s eastern suburbs. CIDCO has quoted a high price for a bunch of unsold 17 properties in Seawoods Estate, which is also known as NRI colony.
“The price quoted is similar to Ghatkopar and Mulund in the eastern suburbs for a high-end buyer,” said Haresh Chheda, the President of Builders Association of Navi Mumbai (BANM).
By presenting the city that has been unaffected by Mumbai floods, open spaces and vast greenery, CIDCO has made a strong pitch and affixed carpet area cost at ₹28, 875 per square foot.
Constructed in two phases, the Seawoods Estate housing scheme is a cluster of prime apartments and duplex penthouses. The residential project is situated 15 minutes from international airport and the new Targhar railway station via CST.
Vivek Marathe, the Consultant (marketing) in his statement to a newspaper daily said, “Consultant (marketing) Vivek Marathe told TOI, “Navi Mumbai is not a crowded place. We are good city with better amenities and the Seawoods Estate is a lovely complex developed on verdant landmass of 230000 square meters. The Delhi Public School is a short walk, L&T Seawoods Mall a drive of 10 minutes and the shopping complex with restaurants in Belapur another walking distance. Besides, the residents can enjoy golf at Kharghar.”
“The booklet also mentions the Navi Mumbai Corporate park, Kharghar as the next big project that is another big draw for high-end residents, the marketing department noted.
“The 17 flats for sale include thirteen 2 BHK flats which have a carpet area of 86.97 square meter at a base price of Rs 27250625 and four 3 BHKs with a spread of 117.63 square meter priced at Rs 36560849.
“Cidco developed the Seawoods Estate complex on stilt plus 18 storey buildings on a sprawling landmass along the scenic Palm Beach road
“The apartments have been put up for online sale for the first time in a lottery scheme (https://lottery.cidcoindia.com). The online scheme on the lines of MHADA ensures transparency and is monitored by an oversight committee comprising head of state infomatics centre and ex-upa lokayukta of the government.”
Four of the 17 apartments of phase II are reserved for the employees of CIDCO and remaining are set aside for people belonging to various caste and tribes as per government’s norms. Since it is their fourth launch, an official from CIDCO’s marketing department said that they can change it into general category for sale of the unsold property after receiving government’s permission.
Complying with MahaRERA norms, CIDCO advertised the sale of the property in carpet area for the first time. Earlier, the sale was fixed on built up area, as stated by the marketing department. Since the first launch in 2007, there has been a hike of 195% on the sale price of built area. On the other hand, a jump of about 69% was observed in the third launch since 2013.