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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.

Squash gains momentum as global spotlight

Abhay Singh and Anahat Singh
Abhay Singh and Anahat Singh

Mumbai: As squash prepares to make its long-awaited debut at the Los Angeles 2028 Olympic Games, India’s position on the global map of the sport received a significant boost with the successful staging of the JSW Indian Open 2026 in Mumbai. The tournament, held on the Professional Squash Association World Tour circuit, not only showcased elite talent but also underlined the growing importance of corporate partnerships in nurturing emerging sports.


Adding to the event’s stature, K Raheja Corp Homes joined as the Official Partner, marking its first foray into sports sponsorship. The association reflects a broader trend of non-endemic brands recognising the potential of niche yet globally governed sports like squash, especially at a time when Olympic inclusion has dramatically elevated its profile.


The JSW Indian Open, classified as a PSA Copper-level event, holds substantial competitive significance. It offers crucial ranking points that directly influence global standings, seeding positions and qualification pathways for marquee events, including the 2028 Olympics. For Indian players, such tournaments provide rare home-ground exposure against international competitors, bridging a critical gap in high-performance experience.


Speaking on the association, a spokesperson for K Raheja Corp Homes said, “The JSW Indian Open is a high-calibre platform that reflects the kind of performance, discipline and global competitiveness we strongly identify with. Our association is a natural extension of our commitment to aligning with credible, international-standard ecosystems that are shaping India’s presence on the global stage.”


Echoing the importance of corporate backing, Karan Yadav, Chief Commercial Officer at JSW Sports, emphasised the role of partnerships in scaling such events. “Partnerships play a crucial role in shaping events like the JSW Indian Open and we are pleased to have K Raheja Corp Homes come on board this year. As their first association with sport, it reflects a considered and forward-looking approach towards supporting emerging platforms like squash. Their partnership has helped us further strengthen the overall tournament experience for both Indian and international players,” he said.


On the court, the tournament delivered high-intensity action, with Abhay Singh and Anahat Singh clinching the men’s and women’s titles respectively. Their victories underline the steady rise of Indian squash talent, which has been gaining traction on the global stage but still requires consistent exposure to top-tier competition.


Beyond the winners, the tournament served as a vital competitive platform for players to accumulate ranking points and enhance their global standings. With squash now firmly on the Olympic roadmap, such events are no longer peripheral, they are central to an athlete’s progression and international relevance.


The significance of the JSW Indian Open also lies in its role as a catalyst for ecosystem development. India, traditionally overshadowed by squash strongholds like Egypt and England, is increasingly emerging as a viable host for global events. This shift is being driven by improved infrastructure, professional tournament management and rising audience engagement.


Corporate participation, as demonstrated by K Raheja Corp Homes, is a critical piece of this puzzle. The partnership signals a strategic pivot in brand engagement—from conventional advertising to purpose-led platforms that intersect sport, lifestyle and aspiration. By aligning with a globally recognised sporting event, the company extends its brand narrative into a domain defined by excellence and international competitiveness.


As India deepens its integration with global sporting circuits, platforms like the JSW Indian Open are becoming indispensable. They not only provide athletes with the competitive exposure required at the highest level but also help build a sustainable sporting culture backed by institutional and corporate support.


With squash set to enter the Olympic arena, the need for such high-quality tournaments in India has never been greater. The success of the JSW Indian Open 2026 demonstrates that the country is not just participating in the global squash movement—but is poised to play a defining role in its future trajectory.

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