navi mumbai three plots in kharghar and two in ulwe fetched cidco rs 260 crore when bids were opened on tuesday market sources said the quotes were high compared to the reserve price they expressed surprise that builders bid astronomical rates at a time when the real estate market in navi mumbai is slack in kharghar cidco had set a reserve price of rs 30000 per sq m but the bids were several times higher for instance in sector 23 an 8800 sq m received the highest bid of rs 17 lakh per sq m rs 151 crore for the residentialcumcommercial plot the winning bid was by a local construction company bhagwati group another plot in kharghars sector 2 received the highest bid of rs 105 lakh a sq m for the 1148 m plot it works out to rs 12 crore for the residential plot and was won by a local builder keystone developers in sector 15 a 1555 a sq m commercial plot received the highest bid of rs 122 lakh per sq m or rs 19 crore the highest bidder was bharat construction in ulwe where the new airport is planned a 2830 sq m commercial plot in sector 19 fetched rs 425 crore or rs 150 lakh a sq m cidco had set a reserve price of rs 22000 a sq m the winning bidder was shagun enterprises another commercial plot in sector 19 4930 sq m received the highest bid of rs 70000 per sq m rs 345 crore it was bagged by varun enterprises these rates are very high considering that these areas are yet to be developed builders are paying a high price despite the liquidity crunch and a slow market said a local property expert