NAVI MUMBAI: Cidco has announced plans to develop a comprehensive residential township over 69 acres in Airoli. The successful bidder for plot number 20 in Sector 10A will be the one offering the highest percentage of revenue share to Cidco. The development and construction phase is expected to last 20 years. The rising demand for the area has generated a positive sentiment regarding its growth potential.
The state government has approved a ‘Theme Based and Iconic City Development’ initiative to streamline the development of large parcels through a construction and development operator agreement.
Cidco has opened requests for proposals as of May 11. Interested bidders can attend a pre-bid meeting on May 25 to address any questions with Cidco officials. The marketing manager (commercial) has issued the tender based on a revenue-sharing model.
The Airoli node is set to receive a new road connecting Thane with the Mumbai Metropolitan Region Development Authority, which has given the green light for this project. This road will feature a bridge over the creek, linking it to a prominent IT company. This infrastructure will significantly enhance connectivity and stimulate regional growth.
The announcement by Cidco has invigorated the property market, with construction of the Airoli-Katai Naka high-speed corridor progressing rapidly. The node is already home to numerous IT companies flanking the Thane-Belapur road. The new township aims to meet the rising demand for residential units by providing more housing options.
Real estate expert Nitin Dighe commented, “This is Cidco’s first large-scale housing initiative in this node. The project promises to deliver additional housing, potentially at affordable prices, to cater to market needs while competing with high-priced high-rises. Infrastructure improvements are anticipated as well.”
Local activist Surendra Gowda added, “The area is conveniently located near Mulund. Currently, there are row houses and a few buildings surrounding the proposed Cidco site.”
