CIDCO leases a Nerul plot to Today Royal Developers for a ₹177-crore premium

CIDCO has leased a 5,785.78-square-metre plot in Nerul's Sector 52A to Today Royal Developers on a 60-year tenure, for a one-time premium of ₹177.04 crore. The developer, the highest bidder in CIDCO's e-tender, also paid stamp duty of about ₹7.96 crore; the annual lease rent is a nominal ₹100. The lease deed was registered on July 10 and reported in the days after.

The land carries a base permissible FSI of 1.5 and is earmarked for mixed-use residential and commercial development. The winning bid works out to roughly ₹3.06 lakh per square metre of plot area — a concrete data point on what builders are willing to pay for well-located Navi Mumbai land.

CIDCO's plot auctions are among the clearest signals of developer confidence in the Navi Mumbai corridor, which is being re-rated around the new international airport and the widening metro and road network. Land secured today feeds the supply that will show up as home sales several years out.

Nerul is one of the Navi Mumbai nodes tracked in Finclara's registry ledger, where a sample of recorded deals offers one reference point for how prices in the node have been trending. As always, that ledger is a growing sample rather than the whole market.