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GLOBAL RECESSION DOES NOT STOP CIDCO FROM TENDERING PLOTS OVER RS 50000

At a time when the realty market is rocked by global recession bringing an obvious slump, CIDCO has opened tenders of four of its commercial plots above Rs 50000 per sq meter. CIDCO had opened tender for four commercial plots recently. While three plots have been allotted to Bawa Developers, the fourth one was bagged by Arenja Developers. The four plots that were tendered are 87, 89, 90 and 91 and were sold at Rs 55,000 per sq metre, Rs 51,930 per sq metre, Rs 50,913 per sq metre and Rs 55,555 per sq metre respectively. CIDCO had sold about 118 applications and received 41 bids for these plots. With the market sentiments not in favour of developers, the tenders when opened did create a ripple among the builders and majority of them voiced that this was one of the excellent tender processes. A noticeable factor is that all these properties are purchased by city’s old developers. This tender is being considered very important for the builders as CIDCO announced tender of plots for the normal developers after a long time. Earlier, most bids were invited from national and international players for big projects. With cameraperson Vikrant baile, Sudhir Sharma for NMTV News.

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