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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.

Investing 101: A Simple Guide for Young Indians

Contrary to popular belief, everyone can invest, no matter how small the starting amount.

AI generated image
AI generated image

Many young Indians believe investing is only for high earners, but that isn’t true. Anyone can begin with even a small amount. Investing simply means helping your money grow over time, and starting early gives it more time to multiply. This article explains investing in simple language so every young person can understand it.


1. What Is Investment?

Investment means putting your money in a place where it can grow. Instead of keeping money idle in a bank savings account or spending everything, you allow your money to earn returns. The purpose of investing is to build wealth, secure your future, and achieve your long-term goals. Investment also protects your money from inflation, which reduces the value of money every year.


2. Why Should Young People Start Early?

Starting early gives your investments more time to grow through compounding, where your returns also earn returns. Even ₹500 a month can become a large sum over 15–20 years. Young people have fewer responsibilities, making it easier to save. Early investing also builds discipline and reduces financial pressure later in life.


3. How Much Money Is Needed to Start?

You do not need a large amount of money to begin. Many mutual funds allow SIPs starting from ₹500 or even ₹100 per month. What matters is not how much you start with but how consistently you continue. Once your income increases, you can increase your investment amount. Small and regular investments are more powerful than large but irregular investments.


4. Basic Rules of Safe Investing

Start small and increase your investment gradually. Never invest in something you don’t understand, and avoid schemes promising quick or guaranteed returns. Keep an emergency fund before you begin. Focus on long-term investments rather than quick profits, and use only trusted banks, apps, and government-backed platforms to stay safe.


5. Where Can Beginners Start Investing?

One of the best options for beginners is a mutual fund SIP. A SIP allows you to invest a fixed amount every month. Your money is managed by professional fund managers and gets invested across many companies, which reduces risk. SIPs give good returns over the long term and are easy to start through mobile apps.


Index funds are another excellent choice. They follow the Nifty 50 or Sensex and grow with the Indian economy. They are low-cost and simple to understand.


Bank fixed deposits are very safe and offer guaranteed returns, although the returns are lower compared to mutual funds.


Public Provident Fund (PPF) is a government-backed option that is extremely safe. It is ideal for long-term goals like retirement because it offers good returns with tax benefits, though it has a 15-year lock-in period.


Gold and digital gold are also safe investments. They protect your money during inflation and market downturns, but they should be only a small part of your portfolio.


Investing in individual stocks can give high returns, but the risk is also high. Beginners should learn slowly and start with mutual funds first before entering the stock market.


6. How to Start Investing Step-by-Step

Set a simple monthly savings goal and open an investment account through your bank or a trusted app. Start a SIP with ₹500 or ₹1,000 a month and choose long-term mutual funds. Stay consistent and raise your SIP each year as your income grows. Review your investments only once a year, and keep investing through market ups and downs—consistency builds wealth.


7. Common Mistakes Beginners Should Avoid

  • Do not invest blindly based on advice from friends or social media.

  • Do not expect quick money or unrealistic, high returns. 

  • Do not stop your SIP when the market falls; this is the best time to buy units at lower prices. 

  • Avoid putting all your money in a single investment.

  • Always keep an emergency fund to handle unexpected situations. 

  • Do not check your investments daily, as it creates unnecessary stress.


8. Benefits of Investing Early

Investing early helps you build wealth without pressure. It supports future goals like education, a home, travel, marriage, or retirement. Early investing brings stability and confidence, protects you in emergencies, and reduces stress. It also builds strong money habits that last a lifetime.


Investing isn’t difficult, and it doesn’t require a lot of money. What matters is starting early and staying consistent. Even ₹500 a month can become a strong financial base. Young Indians have the advantage of time, and they should use it wisely. With simple steps, safe options, and discipline, anyone can achieve financial security. Your wealth journey begins with one small step—start today.


(The writer is a Chartered Accountant based in Thane. Views personal.)

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