CIDCO earmarks reserve price of land in Navi Mumbai for FY22
Real estate body City and Industrial Development Corporation (CIDCO) has approved a proposal to freeze the reserve price of land in Navi Mumbai and various surrounding areas for FY22, citing the effect of the Covid-19 pandemic on the real estate market.
The current reserve price was scheduled for revision in March 2021. CIDCO says this will encourage landowners and developers during these difficult times The real estate sector has been severely affected, since the past year, because of the economic recession caused by the pandemic and extended lockdown.
Rajesh Prajapati, Founder President, MCHI-CREDAI, Raigad, welcomed the move and cited it as a boost for the real estate sector.
Sanjay Mukherjee, Managing Director, CIDCO, said that considering the existing economic crisis, they have decided to fix the reserve price of land in Navi Mumbai, and surrounding regions. It will provide support to the real estate sector and stabilise the costs.
CIDCO, formed on 17 March 1970, is a planning agency and government authority in India that has been created and managed by the Maharashtra government. CIDCO is responsible for the development of sufficient infrastructure and handles the direct sale of the developed or undeveloped land to recover the construction expenses.