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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.

Question mark over existence of ‘Brand Thackeray’

Mumbai: The devastating defeat in the much-hyped BEST Credit Society election has underlined the question mark on existence of ‘Brand Thackeray’ all the while sending out a loud and clear message that only sincere hard work at the ground level would enable an electoral victory in Mumbai.


The Shiv Sena(UBT) and Maharashtra Navnirman Sena (MNS) alliance, that was sending out messages of complete sweep on the day of counting, failed miserably and their ‘Utkarsh Panel’ couldn’t even secure a single seat in the credit society that the Shiv Sena (UBT) had almost single handedly controlled for almost a decade. On the other side, out of 21 seats, the panel led by labour leader Shashank Rao won 14 seats, and the Sahakar Samruddhi panel led by BJP legislators Prasad Lad and Nitesh Rane along with Shiv Sena’s Kiran Pawaskar could secure only seven. Since Rao had joined the BJP last year, technically the ruling Mahayuti alliance of the state has established complete control over an institution that the Shiv Sena had been controlling for decades.


Shiv Sena (UBT)’s Suhas Samant, under whose leadership Utkarsh Panel contested the election, accused the play of money-power for the defeat of his panel. However, Rao stated that the issue of gratuity for retired workers had become a key issue in this election and it was due to the quick action taken by Chief Minister Devendra Fadnavis, his panel could win the elections. Rao also accused the Shiv Sena (UBT) leadership of indecision while controlling the credit society and rampant corruption while controlling the BEST society for over 25 years before that. “People had been seeing all these things helplessly for all these years. They vented out their anger,” Rao said.


The MNS was contesting these elections for the first time. They were solely dependent on Shiv Sena (UBT), who was confident of the magic of ‘Brand Thackeray’. Raj Thackeray is a great crowd puller. But, he fails in converting the crowds to votes. This has been established numerous times in various elections from local body to assembly. Today it was repeated even in a credit society election.


Shiv Sena (UBT) leader Sanjay Raut tried to underplay the results stating that he doesn’t keep count of such small elections like that of a credit society.


Around 14,000 BEST employees voted in this election. The panel that had their distinct stamp could perform only to a certain extent.


It seems people rejected Thackeray brand: Fadnavis

Maharashtra Chief Minister Devendra Fadnavis said Wednesday that the defeat of Shiv Sena (UBT) and MNS in the BEST Employees Cooperative Credit Society election suggests public rejection of the Thackeray brand.


He revealed that the two panels led by Shashank Rao and Prasad Lad that swept the election belonged to the BJP, and took potshots at the two parties led by the Thackeray cousins for politicising the contest. "I think there was no need to politicise this kind of election, as it was just a credit society poll. But they politicised it by making tall claims that the Thackeray brand will win. But it seems people did not like it. The poll outcome reflected rejection by the people," Fadnavis said.


He stressed that the Mahayuti didn't politicise the elections.

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