Retail Chain Avenue Supermarts Buys Two Plots in Navi Mumbai

Avenue Supermarts Limited, a well-known retail chain has bought two plots in Kharghar put up by CIDCO on e-auction. The retail chain bought the plots of 1962 sqm and 2963 sqm at Rs 40.49 crores. A total of 20 plots were put up by CIDCO in Kharghar, Panvel, and Pushpak Nagar for e-auction. As per the CIDCO’s official website, the result of the auction was declared on November 26, and Avenue Supermarts Limited won bids for two adjoining plots in Kharghar. The plot numbers are 28 and 29 and they are located at sector 36 in Kharghar which is in the developing stage and also shares the boundaries of the Taloja node. Taloja node has a good density of population. Builders Association of Navi Mumbai (BANM), a developers’ body says that the location of these two plots is good for a retail chain. While the base price of the 1962.13 sqm plot was Rs 55,861 per sqm, Avenue Supermarts Limited emerged as the highest bidder with Rs 67,500 per sqm. There were only two bidders for this plot. Another adjoining plot of 2963.64 sqm with a base price of Rs 68,557 per sq meter had only one bidder, Avenue Supermarts Limited. Both the plots are residential cum commercial and they can be developed with 1.5 FSI. Most of the plots put up CIDCO for e-auction received a little more than the base price. Except plots located at sectors 11 and 33 where the bid price was around two times the bid price. A 1378.36 sqm plot at sector 11 received the highest bid of Rs 1,46,000 per sq meter from Shree Krupa Developers.