Navi Mumbai: The City and Industrial Development Corporation (CIDCO) is considering relaxing eligibility criteria for its housing lottery to allow individuals who already own homes in Navi Mumbai to purchase unsold houses. This move comes as CIDCO finds it difficult to sell thousands of unsold units from previous lotteries.
According to sources, CIDCO’s marketing department is drafting a proposal to implement this change, which is currently in its initial stages. If approved, the new policy could attract more buyers, helping CIDCO reduce its unsold housing inventory.
Over the past five years, CIDCO has been constructing thousands of houses in Navi Mumbai. It also invested a large amount in the housing project. However, many units from earlier projects remain unsold, and a recent lottery for 26,000 houses did not receive the expected response. To meet financial needs, CIDCO has also reportedly borrowed money from the bank.
In addition to housing, CIDCO is managing several infrastructure projects, including the Navi Mumbai International Airport, the NAINA development project, metro extensions, and key roadways such as the Kharghar-Turbhe Link Road and Ulwe Coastal Road. With increasing financial pressures, selling unsold housing stock is seen as a crucial step to stabilize CIDCO’s finances.
Real estate experts believe that lowering prices could significantly boost demand. Currently, areas like Kharghar, Kalamboli, Taloja, and Kamothe face challenges like inadequate public transport, water supply issues, and pollution, leading to lower rental rates. Resolving these concerns through coordination with local authorities could make these homes more attractive to buyers.
While CIDCO officials have yet to confirm when the revised policy will be implemented, sources suggest that the proposal is in its final stages. If approved, the new rule could provide a fresh opportunity for existing homeowners in Navi Mumbai to invest in CIDCO properties at potentially reduced prices.