Good News for Homebuyers: 17,000 Navi Mumbai CIDCO Homes Now 10% Cheaper

Maharashtra Deputy Chief Minister Eknath Shinde announced in the Legislative Council that the prices of various homes developed by CIDCO in Navi Mumbai will be slashed by a direct 10 per cent. The move aims to make housing more affordable for ordinary citizens, helping them to achieve their dream of owning a home in the city’s rapidly growing neighbourhoods.

Shinde added that CIDCO has built 17,000 homes across Navi Mumbai, including areas such as Kharghar, Vashi, Khar Kopar, Taloja, Ulwe, Kalamboli, Kamothe, and Panvel. The lottery process for these homes is expected to be completed within the next two months. The price reduction will apply specifically to homes in the Economically Weaker Section (EWS) and Lower Income Group (LIG) categories.

According to Shinde, the initiative aligns with Prime Minister Narendra Modi’s ‘Housing for All’ mission and aims to ensure that citizens have access to authorised, high-quality, and affordable housing.

Meanwhile, Maharashtra Chief Minister Devendra Fadnavis also announced a new government scheme aimed at making stalled redevelopment projects in Mumbai feasible, particularly in areas restricted due to defence and military zones. These include Fanal Zone areas, Juhu Military Transmission Station areas, Kandivali-Malad Central Ordnance Depot (COD) complexes, and other defence-controlled lands.

Under the scheme, the government will provide free floor space index (FSI) for 300 sq ft EWS tenements and up to 600 sq ft for Economically Backward Class (EBC)/LIG housing. Incentive FSI will be granted while preserving the basic FSI rights of original landowners. Additionally, unconsumed FSI can be converted into Transferable Development Rights (TDR), which can be sold to fund redevelopment projects.

All existing incentives, premiums, and non-refundable benefits under previous regulations will continue under the new framework, Fadnavis added. Mumbai BJP chief Ameet Satam welcomed the move, saying it will unlock much-needed redevelopment in western suburbs.

The data related to urban development shows that the construction of the Chhatrapati Shivaji Maharaj International Airport's flight path, especially in Vile Parle, Santacruz, and Kurla, has to follow very strict height restrictions. Similarly, the Juhu and Kandivali-Malad COD areas at the waterfront have been waiting for redevelopment to take place, but the defense regulations have the final say. In the meantime, the people of Mumbai will be the ones to benefit the most from this new scheme as it will eliminate their barriers and move forward with the redevelopment smoothly.