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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.

Indian stock recovers from flat opening; Sensex zooms 1200 pts, Nifty up 395 pts

  • PTI
  • May 15, 2025
  • 2 min read


New Delhi: Indian equity indices ended on a strong note following a favorable shift in global cues and renewed optimism surrounding a potential India-US trade agreement, as per experts.



At the end of the trading session today, the Sensex zoomed 1,200.18 points or 1.48 per cent, at 82,530.74, while the Nifty 50 at the National Stock Exchange climbed 395.20 points or 1.60 per cent, at 25,062.10.



The stocks of about 2511 companies advanced, about 1302 shares declined and 139 shares remained unchanged.



At the NSE, stocks of Hero MotoCorp, JSW Steel, Trent, Tata Motors, and HCL Technologies emerged as the biggest gainers. Meanwhile, India VIX edged lower by 0.52 points to settle at 17.14, suggesting a marginal decline in perceived market volatility.



"The bullish momentum was underpinned by a favourable shift in global cues and renewed optimism surrounding a potential India-US trade agreement. Additionally, a rally in rate-sensitive sectors on growing expectations of a rate cut, coupled with sustained foreign institutional investor (FII) inflows, added to the upside," said Bajaj Broking Research in a note.



Observing the markets, Vinod Nair, Head of Research, Geojit Investments Limited, also echoed the same sentiment and said, "The market staged a robust rebound, closing with substantial gains, driven by a decline in domestic inflation and positive signals from the US regarding a potential trade agreement with India."



The Nifty 50 commenced the session on a positive note at 24,694 but exhibited a lack of clear direction during the initial half, briefly slipping to an intraday low of 24,494.



However, sentiment markedly improved in the latter part of the day, propelling the index past the psychological 25,000 mark to register a high of 25,116--buoyed by robust buying interest across the board.



Sectoral performance underscored this broad-based optimism, with auto, realty, metals, consumption, media, and financial services emerging as key outperformers. Nearly all sectors ended in positive territory, reflecting strong investor confidence.



"Adding to the upbeat tone, India's passenger vehicle sales recorded a 5.5 per cent year-on-year increase in April 2025, reaching 303,648 units, according to data from the Society of Indian Automobile Manufacturers (SIAM)," said Sundar Kewat, Technical and Derivatives Analyst, Ashika Institutional Equity.



On the derivatives front, market breadth was firmly positive with 176 stocks advancing against 41 declines.



The Indian currency and local stock markets navigated a session defined by considerable price swings. Although the rupee rallied to finish close to its session peak, it ultimately concluded with declines, largely influenced by the need for US currency from petroleum purchasers and those managing financial risk.

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