The villagers are not complaining. Each acre commands an eye-popping Rs
20 crore (over Rs 60,000 a sq m), said local property market sources.
But Sanjay Bhatia, chief of the local town planning agency, Cidco,
pegged the selling rate at below Rs 10 crore an acre. "However, we
expect the plot rate to more than double to Rs 1.5 lakh per sq m (Rs 60
crore per acre) when the airport becomes operational,'' he told TOI.
"Builders
are slowly taking over. They have realized the future development
potential of this zone,'' said Navi Mumbai property developer Manohar
Shroff.
Cidco acquired a total of 721 acres from these villagers as their plots fell under the airport zone.
Government norms earlier stipulated that each land owner must receive
12.5% area of the plot size surrendered in an alternative location fully
developed with requisite infrastructure. When the villagers affected by
the airport development protested, the government hiked the
compensation to 22.5% with a further commitment that Cidco would also
set up the civic infrastructure for them. This is over and above the
land allotted to all the residents for building houses for their
families. As many as 1,195 families are eligible for the plots.
Cidco
has announced a floor space index (FSI) of 2 for such plots, thereby
increasing the development potential and value. FSI 2 means that on a
4,000 sq m plot (one acre), the developer can build up to 8,000 sq m.
"In
fact, we have been encouraging the villagers to hold on to their plots
and sell when the market appreciates. But it seems some of them do not
want to wait,'' said Bhatia. Cidco officials have counselled them to
aggregate their land parcels and develop it on the lines of the
Magarpatta Model in Pune. In Magarpatta, 123 families pooled in over 400
acres of farmland and set up a company that developed a
commercial-cum-residential project.
But in Pushpak Nagar, many
villagers want quick returns and do not have the patience to wait. A
local estate agent, not willing to be identified, said he is marketing
"two Cidco allotted plots with 22.5% scheme for development''.To know more visit our site http://allindiayellowpage.com.