CIDCO to offer 7,000 affordable homes each year
If you think your dream of owning a house in Navi Mumbai is too difficult to materialise, then City and Industrial Development Corporation (CIDCO) is going to make it a reality. Starting this year, the corporation is planning to come up with 6,000 to 7,000 homes every year to be sold at concessional rates.
In a meeting a few days ago, CIDCO began working on a fresh roadmap for the development of the satellite town with housing as a prime focus area.
A formal announcement will be made soon. “We are planning to offer affordable housing in Navi Mumbai. Things will finalise in this week and we will be clear about the whole plan,” said Sanjay Bhatia, managing director of CIDCO.
“Our plan is to construct homes for the Lower Income Group and the economically weaker sections. There would be no concession on the construction cost but on land cost. The rates would be affordable and we plan to have 6000-7,000 homes every year,” said Bhatia.
If the plan falls in place, the huge number of houses will help home seekers. According to Bhatia, they are currently searching for suitable locations. This step will bring in homes six times the number of homes offered by MHADA, whose flats are nowadays rather expensive.
In this year’s MHADA lottery, expected to take place on May 31, a mere 1,244 homes are up for grabs. The prices are as high as Rs 74 lakh for a home in Powai, which is close to the existing rates in the area.
On the other hand, CIDCO has many vacant plots in Ulwe and other places. CIDCO plans to charge the construction rate and something over it. No land cost shall be added, which will lower home prices considerably. Currently, the existing rate in Ulwe is between Rs 4,500-5,000 per square foot. If the new plan works out, CIDCO’s price would be lower.