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CIDCO Puts 182 Navi Mumbai Plots on Block for Residential Developments - the Economic Times Industry English Edition | 21 June, 2021, 04:17 PM IST | E-Paper

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CIDCO Puts 182 Navi Mumbai Plots on Block for Residential Developments - the Economic Times Industry English Edition | 21 June, 2021, 04:17 PM IST | E-Paper 6/21/2021 CIDCO puts 182 Navi Mumbai plots on block for residential developments - The Economic Times Industry English Edition | 21 June, 2021, 04:17 PM IST | E-Paper CIDCO puts 182 Navi Mumbai plots on block for residential developments Synopsis The bidder registration, application and payment of Earnest Money Deposit (EMD) will be conducted between June 22 and July 13. The e-tender process will be conducted from June 22 to June 14, while the e-auction will be conducted on July 15. The Maharashtra government’s city planning body, City and Industrial Development Corporation (CIDCO) has put over 182 plots in Navi Mumbai on the block and expects to fetch over Rs 150 crore revenue through the proposed e-auction. The plots provided by the government’s town planning authority under this scheme hold clear These plots are located in Navi title, are offered at affordable rates and guaranteed by the CIDCO. Mumbai’s Ghansoli, Airoli, Kharghar, Kalamboli and New Panvel localities and range between 430 sq ft to 3,229 sq ft. The bidder registration, application and payment of Earnest Money Deposit (EMD) will be conducted between June 22 and July 13. The e-tender process will be conducted from June 22 to June 14, while the e-auction will be conducted on July 15. Earlier this week, CIDCO also put 12 land parcels in Navi Mumbai on the block with a revenue target of Rs 450 crore through this e-auction. While earlier land parcels were for realty developers to undertake both residential and commercial development, the new set of 182 plots is for direct homebuyers looking to build their houses. “CIDCO has undertaken various schemes to provide relief to the common people along with the real estate sector in the adverse situation of pandemic. Through this scheme, CIDCO has once again provided an opportunity for common people to build their dream home, by oering plots at reasonable rates,” said Sanjay Mukherjee, VC & MD, CIDCO. Following the outbreak of Covid19 pandemic, the demand for plots and independent houses has been on the rise. Real estate developers have been launching such plotted developments owing to the increased preference for these among homebuyers. The plots provided by the government’s town planning authority under this scheme hold clear title, are oered at aordable rates and guaranteed by the CIDCO. https://economictimes.indiatimes.com/industry/services/property-/-cstruction/cidco-puts-182-navi-mumbai-plots-on-block-for-residential-developm… 1/2 6/21/2021 CIDCO puts 182 Navi Mumbai plots on block for residential developments - The Economic Times Many peripheral micro-markets where demand remained muted before the pandemic are now seeing renewed demand and supply. The previous desire to live in city centres--closer to workspaces, children’s school, etc--has reduced markedly with the advent of WFH and e-schooling options in the post-pandemic world. People now prefer to live in bigger, open and green spaces in peripheries and that too at aordable rates. Over the last few years, Navi Mumbai has gained smooth connectivity due to its suburban railways, highways and network of internal roads. The city, known to be the satellite city of the country's nancial capital Mumbai, will soon have global connectivity with the development of Navi Mumbai International Airport. Earlier this month, CIDCO appealed to owners of land parcels falling within the Navi Mumbai Airport Inuence Notied Area (NAINA) to submit their consent letters soon to fast-track development plans in the area. The public transportation system will also get strengthened with the development of Navi Mumbai Metro network, while the commercial sector will soar high with the development of proposed International Corporate Park. (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily Market Updates & Live Business News. https://economictimes.indiatimes.com/industry/services/property-/-cstruction/cidco-puts-182-navi-mumbai-plots-on-block-for-residential-developm… 2/2.
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