CIDCO finalising design of real estate project in Navi Mumbai
In what is the biggest predominantly commercial real estate project so far conceived/undertaken by any government agency in the state from land deal, Cidco has shortlisted seven signature architects, who are among the 27 that bid for designing the Navi Mumbai Corporate Park, Kharghar.
Based on the selected design, Cidco will sell the plots with urban design guidelines and implement the infrastructure of the project. The planning department said, “One of the seven will finally get selected in a fierce competition.”
The designing will reference some well-known global business parks — Canary Wharf, London, Vancouver (Canada) and Jurong (Singapore).
“The corporate park will be different from the BKC (Bandra Kurla Complex),” Cidco said, adding, “the park will be designed with more features and will be people-friendly.”
The revenue grosser would depend on the land rates at which it is sold and the FSI. A rough estimated earning is pegged between Rs 20,000 and Rs 40,000 crore. The project will be developed in phases.
“We have not yet worked on the FSI. It will be decided later on,” Cidco said. Sources said the FSI will be pegged higher than the current 1.5 FSI for commercial purpose. The department sources said, “The state government provided 2.5 FSI for BKC. We will finalise our proposal later.” Cidco board of directors will take the call on FSI and forward it to the state government for its nod.
The global bid for selecting the architect saw a keen competition as well. Out of the 27 that bid, 14 were international and 13 domestic.