Tag: cidco

IndustryLatest Stories

Panel to Investigate Alleged Housing Fraud in Navi Mumbai

MUMBAI: An investigation into the alleged housing fraud in Navi Mumbai will be led by a committee which includes a representative of the Additional Chief Secretary from the Urban Development Department, as announced by Minister Uday Samant in the legislative council on Wednesday. The inquiry aims to scrutinize allegations of regulatory non-compliance in the construction of affordable housing, he mentioned. The Industries Minister is authorized to address questions and motions during the state legislature’s Budget session on behalf of Deputy Chief Minister and Urban Development Minister Eknath Shinde. Samant stated that actions will be taken against CIDCO officials who approved…

InfrastructureLatest Stories

Maharashtra Cabinet Approves ₹6,000 Crore Loan for Purandar Airport

Representative AI image PUNE: On Tuesday, the state government approved a proposal to raise ₹6,000 crore for land acquisition related to the Purandar airport project. Principal Secretary of Industries, P. Anbalagan, informed TOI that the state cabinet has, in principle, approved the funding for the airport. A special purpose vehicle (SPV), already in place, involves CIDCO holding a 51% stake, with MIDC and PMRDA each holding 15%, and MADC holding 19%. The SPV was established earlier to facilitate the greenfield airport project. Anbalagan stated, “It has been decided to raise approximately ₹6,000 crore for acquiring land for the greenfield airport.…

InfrastructureLatest Stories

Navi Mumbai’s Development Projects Stalled by Land Acquisition Uncertainty

Representative AI image NAVI MUMBAI: The transfer of responsibility from PCMC to Cidco has halted numerous building development projects in rural areas due to uncertainties surrounding land acquisition on privately owned land. The PCMC is requesting clarity from builders, developers, and landowners by needing Cidco’s No Objection Certificate (NOC) to proceed with building plans. However, Cidco has purportedly provided ambiguous responses, claiming that the New Town Development Authority (NTDA) cannot issue NOC for developments on private lands, a stance that PCMC does not accept. Neither PCMC nor Cidco has granted the necessary permissions for developers to begin their proposed projects.…

IndustryLatest Stories

RMZ Plans $30 Billion Investment in Mumbai Region Over 10 Years

NEW DELHI: RMZ has announced an investment collaboration with the Mumbai Metropolitan Region Development Authority (MMRDA) and the City & Industrial Development Corporation of Maharashtra (CIDCO) at the World Economic Forum (WEF) in Davos. The company aims to mobilize investments totaling up to USD 30 billion in the Mumbai Metropolitan Region (MMR) over the next decade, potentially creating around three lakh direct and indirect jobs throughout the project lifecycle. RMZ will lead the investment structuring and capital mobilization efforts, along with master planning, development, and long-term asset management. MMRDA will assist in land identification and aggregation. Additionally, the company plans…

InfrastructureLatest Stories

Maharashtra Cabinet OKs Iconic City and MHADA Redevelopment Plans

MUMBAI: On Tuesday, the Maharashtra cabinet sanctioned a policy for concept-driven iconic city development, aimed at maximizing land utilization held by CIDCO and various authorities. It also approved the redevelopment of certain MHADA colonies. The meeting was headed by Chief Minister Devendra Fadnavis, according to an official release. The City and Industrial Development Corporation (CIDCO) leases land parcels for diverse purposes via auctions, permitting project construction under the lease and Development Control and Promotion Regulation (DCPR) 2020 guidelines. However, for land parcels controlled by multiple construction and development operators (CDOs), integrated township-style development is currently unfeasible, the CM’s office stated.…

Latest StoriesRegulatory

Raigad Collector Given 7 Days to Probe PMAY Project Violations

NAVI MUMBAI: The Maharashtra Coastal Zone Management Authority (MCZMA) has given a seven-day ultimatum to the Raigad district collector to investigate potential environmental infractions at the Pradhan Mantri Awas Yojana (PMAY) multi-tower project in Kharghar. This directive follows a year of inaction on a previous order. This requirement was initiated by a follow-up from the Union environment ministry and mandates the collector, who also leads the district coastal zone management committee (DCZMC), to assess compliance with necessary mangrove buffers and Coastal Regulation Zone (CRZ) standards. A letter from Vishal Madane, under secretary in the state environment department, has mandated a…

IndustryLatest Stories

Navi Mumbai: ₹2,120 Cr Bid for 10-Acre Kharghar Plot

Representative image NAVI MUMBAI: A recent Cidco tender for a 10-acre (42,000 square meter) plot in Kharghar’s Sector 23 attracted a record bid of Rs 2,120 crore, approximately Rs 5 lakh per sq m, from Aakar Developers. Aakar group is required to pay 50% of the total amount to Cidco within the next three months. Real estate analysts believe this marks the largest land transaction since the previous sale at Nerul-Seawoods for Rs 1,800 crore. Local developer Manohar Shroff noted, “Kharghar has consistently been a promising area and has grown more appealing due to the Navi Mumbai airport, international universities,…

Latest StoriesRegulatory

Bombay HC: CIDCO’s 22.5% land return scheme is optional

In a landmark ruling that could have significant repercussions for land acquisition in Navi Mumbai and beyond, the Bombay High Court has determined that the City and Industrial Development Corporation’s (CIDCO) 22.5% developed land return scheme is optional, rather than mandatory for landowners. If landowners do not consent to the acquisition under this scheme, CIDCO or any authority seeking land for public use must adhere to the procedures outlined in the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (LARR) Act, 2013, and Section 126 of the Maharashtra Regional and Town Planning (MRTP) Act. According to…

InfrastructureLatest Stories

New City Plan in Development Near Navi Mumbai Airport

The City and Industrial Development Corporation (CIDCO), which oversees urban planning for the Maharashtra government, is anticipated to complete the master plan for the Navi Mumbai Aerocity development within the next three months, according to an official. The planned Aerocity, covering 667 acres adjacent to the Navi Mumbai International Airport (NMIA), will feature a mix of residential, commercial, retail, and industrial buildings. Its completion is expected to be a significant milestone for the urban and real estate landscape of the city. CIDCO is currently selecting a consultant to develop the master plan and provide advisory services for the project. In…

InfrastructureLatest Stories

Navi Mumbai Airport Opening Set for October 8

MUMBAI: The Navi Mumbai International Airport is set to open on October 8, as announced by Adani Group Chairman Gautam Adani on Wednesday. The airport recently received its aerodrome license from the Directorate General of Civil Aviation (DGCA) on Tuesday and is being developed in multiple phases by Navi Mumbai International Airport Ltd. The Adani Group holds a 74% stake, while the Maharashtra government’s CIDCO has the remaining 26%. “In preparation for the opening of Navi Mumbai International Airport on October 8, I had the honor of meeting with our diverse team, including construction workers, women staff, engineers, artisans, firefighters,…