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By:

Bhalchandra Chorghade

11 August 2025 at 7:24:18 pm

CIDCO struggles to find takers for its homes

Mumbai: The City and Industrial Development Corporation’s (CIDCO) latest housing scheme has exposed a recurring challenge for the planning authority: finding buyers for its large housing inventory despite its affordable-housing focus. The August 2026 scheme offered 4,793 homes in Taloja, Kharghar and Kalamboli and received 4,180 confirmed applications before bookings closed on September 3. While CIDCO described the response as strong, 613 homes—nearly 13 per cent of the inventory—had no...

CIDCO struggles to find takers for its homes

Mumbai: The City and Industrial Development Corporation’s (CIDCO) latest housing scheme has exposed a recurring challenge for the planning authority: finding buyers for its large housing inventory despite its affordable-housing focus. The August 2026 scheme offered 4,793 homes in Taloja, Kharghar and Kalamboli and received 4,180 confirmed applications before bookings closed on September 3. While CIDCO described the response as strong, 613 homes—nearly 13 per cent of the inventory—had no confirmed applicant. This follows earlier schemes with similar gaps. In January 2025, CIDCO’s ‘My Preferred Home’ scheme, offering around 26,000 homes across Navi Mumbai, attracted 1.36 lakh initial applications. However, only about 55,000 applicants paid the registration fee and around 22,000 deposited the required earnest money, leaving serious participation below the number of homes offered. A CAG-linked report on two CIDCO housing schemes in Kharghar found that, of 4,814 saleable tenements, allotment letters had been issued to 3,733 applicants and possession handed over to 3,317. Four years after the draw, 1,081 tenements remained unsold. CIDCO has also faced scrutiny over marketing expenditure. In 2023, reports questioned the appointment of private agencies to market and allot PMAY homes, stating that the agencies had received advances of more than Rs 100 crore before sales took place. CIDCO officials said external support was necessary given the scale of the programme. The scale of investment adds to the concern. CIDCO’s mass-housing programme envisaged 68,515 homes at an estimated cost of around Rs 15,300 crore. A 2024 report noted that thousands of completed homes were awaiting sale, locking up capital and increasing the authority’s financial burden. The latest homes are located in Taloja Sector 39, Kalamboli Bus Depot and Kharghar Bus Depot. Taloja accounts for 4,229 homes, followed by 257 in Kalamboli and 293 in Kharghar. Indicative prices range from around Rs 23.50 lakh in Taloja to Rs 37.70 lakh in Kalamboli and Rs 43.50 lakh in Kharghar. The figures point to a possible mismatch between what CIDCO considers affordable and what its target buyers can finance. Industry experts have noted that EWS homes priced at Rs 25 lakh or more may be difficult for households within the prescribed income ceiling, particularly after registration, stamp duty, floor-rise charges and other costs. Location may also influence demand. Taloja has seen rapid development and improved connectivity, including metro access, but buyers continue to weigh its distance from established employment centres and social infrastructure, as well as commuting costs. CIDCO maintains that its housing programme meets a genuine need in Navi Mumbai. Ashwin Mudgal, Vice Chairman and Managing Director, CIDCO, said, “The overwhelming response to the housing scheme reflects the aspirations of citizens to own a home in Navi Mumbai and their continued confidence in CIDCO’s planned development initiatives. CIDCO remains committed to providing affordable and quality housing opportunities in well-planned locations, enabling citizens to benefit from the region’s growing infrastructure and connectivity.” The authority has also highlighted the Pradhan Mantri Awas Yojana-Urban (PMAY-U) subsidy, under which eligible beneficiaries can receive Rs 2.5 lakh, subject to applicable guidelines and eligibility criteria. However, the repeated unsold inventory suggests that CIDCO’s challenge extends beyond construction. Pricing, apartment configurations, location, payment flexibility and connectivity may need to be reassessed before further public resources are committed.

A Global Creative Connect

The WAVES paves the way for international creative collaboration

Bollywood actors Shah Rukh Khan and Deepika Padukone during a session at the first World Audio Visual and Entertainment Summit (WAVES) in Mumbai on Thursday. Pic: PTI
Bollywood actors Shah Rukh Khan and Deepika Padukone during a session at the first World Audio Visual and Entertainment Summit (WAVES) in Mumbai on Thursday. Pic: PTI

Mumbai: The roads in Mumbai’s Bandra Kurla Complex were bathed in hues of pink with banners announcing the first-of-its-kind WAVES summit. But inside the power-packed halls of the swanky Jio Convention Centre, the theme was all about the ‘orange economy’—an industry that encompasses the creative fields such as gaming, films, music and animation which is seen as a powerful tool of economic and cultural growth. Prime Minister Narendra Modi, who inaugurated the high-profile World Audio Visual and Entertainment Summit (WAVES), emphasised that the summit was indeed an actual ‘wave’ symbolising creativity and global connections that could channelise the energy of the Indian youth constructively.


During his impactful hour-long speech to an audience brimming with ministers from several countries, India’s leading industrialists and members of the Indian film fraternity and young gamers, Modi dipped into Indian mythology and history while appealing to the youth with emphasis on animation and gaming.


The Prime Minister stressed on numbers, catchy slogans and statements and showed the immense potential the industry holds—the global animation industry, he said, is worth $430 million and is set to double within the next 10 years. India, with its huge young population, stands at the crossroads of building a prosperous orange economy.


Rich heritage

Modi drew from India’s rich cinematic and cultural heritage. The first ever feature film, Harishchandra, was made on this day, 112 years ago. He harked back to the contribution of India’s literary and cinematic giants from the poet Kalidas to Guru Dutt and Raj Kapoor. Indian cinema, he said, has reached the corners of the world. But while hailing the work of the maestros, Modi acknowledged the numerous stories, folklore and musical traditions of every little corner of the country. Music and dance, he said, was patronised by none other than the Gods in Hindu religion and the lullaby, set to tune, is the mother’s first interaction with her child. “Just as a mother weaves dreams for her child through poetry and music, artistes weave together the collective dreams of an era,” he said. Modi’s speech stressed on India’s powerful storytelling tradition and heritage of languages, dialects, folklore and music.


The speech wasn’t all about heritage and nostalgia. While positioning India as a creative hub for other nations to turn their attention to, Modi emphasised on the all-encompassing nature of the land that has welcomed and assimilated various cultural identities. He appealed to the youth—be it a podcaster, musician, gamer or filmmaker from any part of the country, to join this new revolution that could boost the Indian economy.


Hailing the WAVES as the “beginning of the orange economy”, Modi proudly said that Indian films release in more than 100 countries and people watch Indian content with subtitles in their own languages. The Indian OTT industry has seen a 10-fold growth in recent years. Relying on catchy slogans to drive home the point, Modi said that while screens are becoming “micro”, the message is “mega” and while the screen size may be shrinking with OTT and games, the scope in the field is infinite.


Global exhibitors

The summit has exhibitors from around the world, a Bharat Pavilion which will showcase the creative talent and opportunities across India, panel discussions and talks which will unfold over the next four days.

WAVES, which is likely to see more than 10000 delegates is likely to be a transformative platform for India’s creative industries by facilitating international collaborations and business while dipping into our country’s rich cultural tapestry.


Create in India Challenges

Thirty-two challenges and competitions saw more than one lakh participants from 60 countries of which 800 finalists have been selected


Three key challenges will see their finale during WAVES


Wah Ustad: A nationwide competition for young vocalists, it provides a platform to classical, semi classical and Sufi singing talent.


Make the World Wear Khadi: A call to global advertising and marketing professionals to design campaigns promoting and position Khadi as an international brand through innovative advertising


Resonate: The EDM Challenge: Organized by the Indian Music Association (IMA) along with the I and B Ministry, this challenge invites global artists to showcase their talent in Electronic Dance Music (EDM) production.


I'm going to tell myself I have done pretty well: Deepika

As someone who moved to Mumbai when she was just 18, Bollywood star Deepika Padukone says she has done quite well for herself by creating a space in the world of entertainment.


The 39-year-old actor joined superstar Shah Rukh Khan for a session, titled "The Journey: From Outsider To Ruler", at the inaugural WAVES Summit on Thursday here.


"Today when I look back at the journey... For an 18-year-old to move to a big city... It was a big decision to make. Those little things, having to navigate life with trial and error. Overall, when I look back I say not bad, well done.


"I am actually going to tell myself I have done pretty well. You don't really sit back and look at the journey. I don't celebrate the moments too much. I look at things in a straightforward way," said Deepika, who started out as a model before making her acting debut with 2007's "Om Shanti Om" opposite Shah Rukh.


In her "me time", the "Padmaavat" star said she focuses on everyday things like running her house.


"There's a study where all the mail comes... I sort out all of it... Cleaning the kitchen, checking vegetable stock for the week, laundry...  I don't know any other way. Maybe because I started out this way. I didn't have a big house earlier. I didn't have house help," she added.


Shah Rukh, who also starred with Deepika in movies such as "Happy New Year", "Chennai Express", "Pathaan" and "Jawan", praised the actor, saying she will be a great mother to Dua, her daughter with actor-husband Ranveer Singh.


"The role she is going to play the best, is that of a mother, to Dua. She is really going to be a wonderful mom," he said.


Deepika called the inaugural World Audio Visual & Entertainment Summit (WAVES) "a timely event".


"The way this has come together, it was high time. India being the centre of it (cinema and entertainment) is the right time. It's the coming together of AI, tech, and storytelling," she added.


I don't indulge in overworking, overthinking: Shah Rukh Khan

When he is not working, he is in a meditative state, superstar Shah Rukh Khan said on Thursday at the inaugural day of the WAVES summit here.


Addressing a session on 'The Journey: From Outsider to Ruler' at the event, which is billed as a platform to position India as a global hub for media, entertainment and digital innovation, he also batted for more theatres and less expensive tickets in India.


"I still believe the call of the day is a lot more theatres, small theatres in small towns, cheaper theatres so that we can show more films to people in every corner of the country," Shah Rukh said.


He expressed the hope that with the WAVES summit, shooting processes should become easier "not only for Indians but also for people coming from outside".


"I don't indulge in overworking, overthinking. When I am not on the sets, I don't do anything. I am in a meditative state," the superstar said in a fireside chat with director friend Karan Johar and Deepika Padukone, his co-star on many movies.


The actor, one of the biggest superstars in Hindi cinema, said when he was young, he was "brash" but also gutsy.


"I believe when I was brash, overconfident, reckless, and a lot more stupid. I'm happy I was like this otherwise I wouldn't have chosen the path I did with such wonderful people. I was a little gutsy also. Thank you, young Shah Rukh Khan for being so cool," he said. 

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