+
CIDCO earmarks reserve price of land in Navi Mumbai for FY22
Real Estate

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.

Image Source


Also read: CIDCO housing scheme: Allotment to begin from July 1

Also read: CIDCO to build 337-acre township in Maharashtra’s Palghar

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. Image SourceAlso read: CIDCO housing scheme: Allotment to begin from July 1 Also read: CIDCO to build 337-acre township in Maharashtra’s Palghar

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?