Aiming to create affordable residential complexes in Navi Mumbai, the City and Industrial Development Corporation of Maharashtra (CIDCO) had said that its housing schemes would meet the needs of people from the lower economic strata.

The site of the project. The flats are expected to be ready by 2015
The site of the project. The flats are expected to be ready by 2015

However, if the rates fixed for recent schemes offered by the housing agency are any indication, this does not seem to be the case. The per sq ft rate in CIDCO’s recently launched Swapnapurti housing scheme in Kharghar is no different from the existing market prices in the area.

The flats that are being developed by CIDCO at Kharghar’s Sector 36 cost more or less the same, if not higher, than the prevailing market rate there. Under the scheme, CIDCO is offering 3,154 homes through a lottery system, at a price of Rs 5,124 per sq ft (308 sq ft for Rs 15.78 lakh).

The government categorically mentions that flats have to be sold on carpet area. The market rate around the site, which is close to Taloja, is between Rs 4,500 and Rs 5,500. A local builder said, “The CIDCO project is not in Kharghar, but closer to Taloja.

They claim it’s Kharghar, but the proposed Taloja Metro is just a stone’s throw from the site. The existing rate around the site is between Rs 4,500 and Rs 5,500 in residential towers.”

CIDCO speak
CIDCO officials, however, claim that the rates offered by them are cheaper than the market price. “The response that we have received from the people shows that our scheme is affordable. From the time of its launch on August 1, over 1.5 lakh booklets have already been sold,” said Sanjay Bhatia, managing director, CIDCO.

The project is spread over 7.97 hectares and CIDCO will build 2,450 flats for the lower income groups (LIG) in 32 buildings of 15 floors each and 704 flats for the economically weaker groups (EWG) in 22 buildings having 7 floors each.

The project is expected to be completed by 2016. The area of the homes is 28.6 sq m for EWS and 34.36 sq m for LIG and the prices are Rs 15.78 lakh and Rs 23.19 lakh respectively.