top of page

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.

Focus on Personal Budget

Every year on 1st February, the Union Budget captures the nation’s attention. From revised tax policies to increased spending in various sectors, people eagerly analyze every announcement, hoping for immediate benefits. While the national budget undeniably affects the broader economy, it's time to ask: are we giving it too much importance in our personal financial planning?


Focusing solely on the Union Budget can pull us away from what truly matters - managing our own finances effectively. Rather than getting caught up in macroeconomic changes, why not direct your energy toward the "micros" of your financial life? Creating a personal budget ensures you're in control of your money, managing it wisely, and directing it where it should go, rather than constantly wondering where it went.


Build Skills, Boost Income

While many turn to the Union Budget for economic relief, a more effective long-term strategy is focusing on increasing your own income. By upgrading your skills, learning to sell, building new things, and networking better, you create opportunities to enhance your earnings. While government policies can influence economic growth, personal growth is a far more powerful tool for creating financial stability.


Saving and Investing Smartly

A key principle of financial stability is maintaining a healthy savings rate. However, saving alone isn't enough. You need to invest your savings wisely. Smart asset allocation is essential for ensuring your money grows and beats inflation over the long term. Consider allocating the majority of your savings to inflation-beating assets such as direct stocks, equity mutual funds, and gold. These investments have historically offered better returns than inflation and can help build lasting wealth.


Protect Your Savings

Just as important as growing your savings is protecting them from unforeseen events. Health insurance is crucial in safeguarding your finances against unexpected medical expenses, which can quickly erode savings. Similarly, securing your family’s future with term life insurance protects their financial goals, ensuring they remain on track even in your absence.


Consult a Financial Advisor

Managing personal finances can feel overwhelming, but consulting a well-qualified, full-time financial advisor can make a significant difference. A skilled advisor brings education, wisdom, experience and expertise to the table, helping you craft a tailored financial plan and personal budget that meet your goals while providing a solid safety net.


As we head into 2026, it’s time to shift our focus away from the Union Budget and towards our own financial success. By enhancing our skills, increasing our savings, investing wisely, and protecting our wealth, we can take charge of our financial futures - regardless of government policy changes.


Ultimately, a well-structured personal budget is the real key to financial independence and lasting peace of mind.


(The author is a Chartered Accountant and CFA (USA). Financial Advisor.  He could be reached on 9833133605. Views personal.)

 

Comments

bottom of page