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CIDCO e-Auction Sees Record Bid of ₹383 Crore for Nerul Plot

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Nerul plot sold for Rs 383 crore in CIDCO e-auction, triggering worries over rising land prices in Navi Mumbai.

The E-Auction

Navi Mumbai’s real estate market hit a new high on July 30 as a 5006.5 sq. meter plot in Sector 28, Nerul, received a record bid of Rs 7.65 lakh per sq. meter during CIDCO’s e-auction. The plot, identified as 12C, was sold for a staggering Rs 383 crore, far exceeding its base price of Rs 3.26 lakh per sq. meter.

Parth Urban Spaces Ltd, a Ghansoli-based firm, emerged as the top bidder. The company also secured three additional plots in Sector 28—plots 12A (Rs 411 crore), 12B (Rs 366.9 crore), and 12D (Rs 334.8 crore)—bringing its total bid value to Rs 1,495 crore. All four plots come with a floor space index (FSI) of 1.5.

CIDCO officials confirmed this as the highest bid price received for Nerul plots to date. However, real estate developers have raised concerns over escalating land prices. Rajesh Prajapati, MD of Prajapati Developers, warned against market speculation, urging for price restraint to avoid burdening homebuyers.

Shivam Developers’ owner Manohar Shroff echoed similar sentiments, stating that while the location is prime, inflated land prices could eventually impact housing affordability.

Meanwhile, Akshar Globe won a 1097 sq. meter plot in Sector 13, Nerul, for Rs 36 crore, and Abhinandan Developers bagged two plots in Kharghar’s Sector 27 for Rs 137.7 crore and Rs 200.3 crore, respectively.

The auction covered 48 plots across Navi Mumbai for residential, commercial, bungalow, and service industry use.

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Navi Mumbai to Get New Team in T20 Mumbai League

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Aspect Sports secures six-year operating rights, opening a new platform for emerging cricketers.

The Team

Cricket fans in Navi Mumbai have another reason to look forward to the next season of the T20 Mumbai League, with the city set to get its own franchise.

Aspect Sports has secured the operating rights for the new Navi Mumbai team for Rs 106.88 crore for six years, according to the Mumbai Cricket Association (MCA). The franchise will pay Rs 12.21 crore for its first season. The addition will take the league to nine teams, expanding its reach across the Mumbai metropolitan region. For local cricket fans and young players, the new franchise could provide a closer connection to the professional T20 competition.

MCA president Ajinkya Naik said the team would create additional opportunities for emerging cricketers to showcase their talent at a higher level. Officials from the league also said the new franchise would help attract a wider audience and strengthen the competition. Aspect Sports, owned by Aspect Global Ventures, has said it wants to build a stronger presence in sports and create opportunities for athletes.

The T20 Mumbai League has featured several established Indian players, including Suryakumar Yadav, Shreyas Iyer, Ajinkya Rahane, Shivam Dube and Shardul Thakur. With Navi Mumbai now entering the league, attention will turn to the team’s name, squad and home venue. For the city’s cricket community, the franchise could bring top-level T20 action closer to home while giving young local talent an opportunity to dream bigger.

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Three Booked for Allegedly Cheating Navi Mumbai Businessman of ₹8.46 Crore

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Police register case after businessman claims he was duped in a business-related transaction.

The Cheating

Navi Mumbai police have registered a case against three people for allegedly cheating a local businessman of Rs 8.46 crore in a business-related transaction.

According to the complaint, the businessman handed over a large sum of money to the accused in connection with a proposed business arrangement. However, the deal allegedly did not proceed as promised, and the money was not returned.

After attempts to recover the amount reportedly failed, the businessman approached the police and lodged a complaint. Based on his allegations, police have registered a case against the three accused and begun an investigation. Investigators are now examining the financial transactions and other documents related to the case to understand how the money changed hands and determine the individual roles of those named in the complaint.

The police are also expected to verify the claims made by the complainant and gather supporting evidence as the investigation progresses. The case involves a substantial amount of money and has drawn attention to the risks involved in high-value business transactions. Police officials have not yet established guilt, and the allegations against the accused remain subject to investigation and the legal process.

Further details are expected to emerge as investigators examine financial records and question the people connected with the transaction.

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Maharashtra Launches Model Property Registration Offices in Navi Mumbai

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New centres in Mumbai, Navi Mumbai and Nagpur aim to make property registration quicker and more convenient.

The Launch

Property registration in Maharashtra is set to become more convenient with the launch of three new Model Sub-Registrar Offices (SROs) in Mumbai, Navi Mumbai and Nagpur.

The new centres have been opened at BKC in Mumbai, Mahape in Navi Mumbai and North Ambazari Road in Nagpur. The initiative is aimed at reducing waiting time and making the registration process smoother through greater use of digital services.

Citizens can complete Public Data Entry (PDE) online, make payments through the government portal and book appointments through the e-Step In system. The offices will handle common property-related documents, including sale deeds, lease deeds, gift deeds, powers of attorney and wills.

The new facilities are designed to offer a more comfortable experience for citizens. They include air-conditioned waiting areas, Wi-Fi, drinking water and trained staff to assist applicants during the registration process. However, the Model SROs will operate as an optional service alongside existing government registration offices. Citizens choosing the new service will have to pay an additional service fee of Rs 5,500, while regular SROs will continue to provide registration services without this fee.

The state government plans to expand the initiative by establishing 60 Model SROs across Maharashtra in phases. For property buyers, sellers and families handling property documents, the new centres are expected to provide a more organised and technology-driven registration experience.

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