New Launch - India Real Estate Report 2026.
An 83-plot scheme doesn't usually need a mid-course correction two weeks before results are due. CIDCO's Scheme MM/51/2026-27 just got one anyway, and the changes buried inside a single corrigendum say more about what's happening in Navi Mumbai's land market than the auction results themselves will.
What's actually being adjusted
The scheme, originally advertised on June 16, covers leasing 83 plots across Residential, Commercial, Residential-cum-Commercial, Storage and Warehouse categories spread across multiple Navi Mumbai nodes. On July 13, CIDCO issued Corrigendum No. 1, and it did three distinct things at once.
First, it pushed the entire timeline back by roughly two weeks. Bid submission moved from July 13 to July 28. The e-auction itself shifted from July 14 to July 29. Results, originally due July 15, are now scheduled for July 30 at 3:00 PM.
Second, it dropped 11 plots from the scheme entirely, five Residential-cum-Commercial parcels in Pushpak and six more across New Panvel East and Kalamboli.
Third, and most interesting, it restructured one of Kharghar's own plots mid-scheme.
The Kharghar plot that got rebuilt on paper
Plot No. 9 in Sector 5A was merged with the adjoining Plot No. 6 into a single larger parcel, expanding from 8,602.85 sq m to 15,824.25 sq m, nearly double its original size. The base rate dropped accordingly, from ₹2,86,000 to ₹2,42,000 per square metre, with the EMD requirement rising to ₹11.48 crore to match the larger footprint.
Worth being precise here: this Sector 5A plot has nothing to do with the Sector 15 plot Dream Abhinandan Infra just won for a record ₹282.8 crore. Kharghar currently has multiple distinct high-value CIDCO parcels moving through the system simultaneously, and it's easy to conflate them if you're not tracking sector numbers closely.
The merged plot comes with real development constraints attached. It sits within a Transit-Oriented Development zone. A High Tension electrical corridor runs through it, meaning MSEDCL and MSETCL clearance is required before any construction begins. Base FSI is set at 1.5, with maximum FSI governed by Maharashtra's 2020 Unified Development Control and Promotion Regulations.
Why CIDCO is adjusting rather than just running the auction
A static, one-size-fits-all disposal process doesn't usually merge plots, cut base rates, and extend deadlines all in the same corrigendum. This looks like an authority actively responding to how bidders are behaving rather than sticking to an original plan regardless of interest levels.
Merging two smaller plots into one larger parcel while cutting the per-square-metre base rate is a specific move: it makes the combined asset more attractive to developers who want scale but were priced out of, or uninterested in, either smaller plot individually. That's not a routine administrative tweak; it's a deliberate repricing decision designed to generate stronger bidder interest for a bigger, more complex parcel.
What July 30 will actually tell us
The real question sitting underneath this entire scheme is whether the ₹7,07,000 per square metre Dream Abhinandan Infra paid in Sector 15 was representative of genuine market-wide conviction in Kharghar, or whether it was an outlier tied to that specific plot's characteristics, size, location, or timing.
Scheme MM/51/2026-27's results, due July 30, are the next real data point. If premium bidding shows up again for the restructured Sector 5A plot or elsewhere across this 83-plot scheme, that confirms Kharghar's repricing is broad-based rather than a single headline transaction. If bids come in closer to base rate, it suggests the Sector 15 record was more about that particular parcel than about Kharghar as a whole. Either way, this is the auction result worth watching next.
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