Navi Mumbai CIDCO Homes Now 10% Cheaper: A Boon for Homebuyers

Maharashtra Deputy Chief Minister Eknath Shinde has announced a significant move to make housing more affordable in Navi Mumbai. CIDCO, the City and Industrial Development Corporation, has built 17,000 homes across various areas of Navi Mumbai, including Kharghar, Vashi, Khar Kopar, Taloja, Ulwe, Kalamboli, Kamothe, and Panvel. The prices of these homes, particularly in the Economically Weaker Section (EWS) and Lower Income Group (LIG) categories, will be reduced by 10%.

The lottery process for these homes is expected to be completed within the next two months. This initiative aligns with Prime Minister Narendra Modi’s ‘Housing for All’ mission, aiming to ensure that citizens have access to authorised, high-quality, and affordable housing.

According to Shinde, the price reduction will specifically benefit those in the EWS and LIG categories, making it easier for them to achieve their dream of owning a home in the city’s rapidly growing neighborhoods. This move is expected to provide a significant boost to the housing sector in Navi Mumbai, benefiting thousands of families.

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

Under the new 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.

These initiatives by the state government are expected to have a positive impact on the housing and urban development sectors, providing much-needed relief to homebuyers and developers alike.