A prime 12-acre plot at Navi Mumbai’s Palm Beach Road once owned by the politically connected developer Avinash Bhosale, who is currently in jail, has been sold to two different builders for more than Rs 900 crore.
While half the plot was sold by Bhosale more than a decade ago to Dheeraj group, the incarcerated Pune-based builder had retained the remaining six acres.
Recently, Bhosale sold this portion to a local developer, Nitin Patel of Delta (Balaji group), for Rs 470 crore. Patel told TOI the deal was finalised some months ago.
Though realty sources pegged the deal at Rs 550 crore, Patel denied it and said the sale documents had registered it at Rs 470 crore.
The other half of the land, which was sold by Bhosale to Dheeraj group, was recently sold by the latter to local developer Gami Construction for a reported Rs 450 crore.
The 12-acre plot opposite Seawoods auctioned by Cidco in July 2008 has been mired in controversy since Bhosale’s Metropolis Hotels won the bid by offering Rs 282 crore. The plot was auctioned strictly for constructing a hotel on it as it was close to the upcoming airport in Navi Mumbai.
Barely two years later in 2010, though, Cidco allowed Bhosale to convert half the plot into a residential zone on this prime Palm Beach road. The decision had raised eyebrows because Bhosale then quickly sold this six-acre portion to Dheeraj Group for a hefty Rs 275 crore—a 100% profit.
TOI had then reported as to how a plot that was exclusively reserved for a luxury hotel could be partially converted for residences within two years of the bids being opened.
As complaints were made about the alleged irregularities in change of user and deviation from the terms and conditions in the Cidco tender, the state urban development department ordered an inquiry. Cidco’s then MD issued a showcause notice to Metropolis Hotels. In 2011, Cidco cancelled the lease deed. The matter subsequently reached Bombay high court, which quashed Cidco’s cancellation order. The court held that Cidco was unable to show any violations. Cidco then filed an appeal in Supreme Court claiming the HC ignored the violations. SC too ruled there were no violations and dismissed the challenge in its November 29, 2021, order.
Soon after this order, Bhosale sold the six-acre portion to Delta, which plans to build a high-end residential complex. “The land is very prime and was a hotel plot converted into residential as per the new policy of Cidco. There is good demand for apartments in Seawoods,” said Navi Mumbai property dealer Manohar Shroff.