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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.

Thrust on skilling crucial for M&E sector’s global leap

Mumbai: A thrust on skilling of the youth from the tier 2 & Tier 3 cities along with reskilling and upskilling of the existing workforce in the media and entertainment industry would help the sector take a leap and India becoming the most preferred global destination, reports released at the World Audio-Visual and Entertainment Summit (WAVES) here on Saturday have said.


EY India’s report ‘A Studio Called India’, BCG’s report ‘From Content to Commerce’ and Event FAQs Media’s report ‘India’s live events economy – A strategic growth imperative’ were the key reports released by the Union Minister of State for Information & Broadcasting Dr. L. Murugan at the summit.


The reports highlighted the potential that Indian M&E sector holds in terms of global impact. With over 1.4 billion people, including a rapidly growing middle class, the demand for varied and high-quality content is ever increasing. This demographic advantage ensures a steady and expanding market for media and entertainment products. It is interesting to note that digital media overtook television for the first time, becoming the largest segment in India at over INR 800 billion, contributing 32 per cent of M&E sector revenues in 2024.


This digital revolution has transformed the landscape of content consumption. Two lakh hours of content was produced in the country last year, excluding news bulletins and UGC, reflecting the vast and diverse consumer market the country offers to content creators, said the report that highlighted India as the provider of content and media services for the world.


The minister also released the minister’s statistical handbook on media and entertainment sector 2024-25 and a regulatory handbook on Indian Media and Entertainment sector prepared by the legal firm Khaitan & Co.


The EY India report warned that for the potential of the sector to be realized India will need to create high quality resources for future job demands and bridge skill gaps in emerging domains such as immersive media (AR, VR and XR), AAA gaming, high-end animation and VFX.


The report also says that, to fully harness this potential, it is essential to address emerging risks such as job displacement from automation, talent out-migration and the lack of standardized certifications. “Strengthening the talent pipeline through targeted policy support, updated curricula, and deeper industry-academia collaboration will be key. Greater diversity in leadership and creative roles will be essential to unlock the full potential of India's creative economy. By building an inclusive, future-ready skilling ecosystem, India can cement its position as a global leader in creative and digital media talent,” the report warns.


For media tech companies, India's skilled workforce and competitive production costs make it an ideal location to set up operations. The availability of talented professionals in fields such as animation, visual effects, post-production as well as Al and technology ensures high-quality output at cost-effective rates, the report adds.


The reports also hailed initiatives such as the proposed National AVGC-XR Mission, the upcoming Indian Institute of Creative Technology in Mumbai, and progressive state-level policies stating that they are expected to significantly boost employment and entrepreneurship in the M&E sector in the country.

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