CIDCO offers Palm Beach Road flats to VIPs at less than half the market rate
Hindustan TimesNAVI MUMBAI: Legislators, judges and bureaucrats from Maharashtra may soon be able to purchase luxurious apartments along Navi Mumbai’s Palm Beach Road for less than half the market rate, courtesy CIDCO’s ‘Maha Nivas’ housing scheme. “The demand to accommodate the housing needs of these special categories had come from the government and we have received a good response to the scheme so far,” said CIDCO Joint Managing Director Kailash Shinde. Construction is underway on two plots adjacent to the one selected by CIDCO, but the price of apartments in these plots is upwards of ₹30,000 per sqft, whereas the CIDCO rate far lesser.” But many real estate developers and observers are also upset with CIDCO’s offer. Manohar Shroff, senior vice president of MCHI Navi Mumbai, said that a 1,000 sqft apartment in the NRI complex adjacent to the plot being developed by CIDCO was recently sold for ₹4 crore, or at ₹40,000 per sqft.
History of this topic
CIDCO slashes prices, bringing relief to EWS
Hindustan Times
Palm Beach Road plot fetches record price, but 18 CIDCO plots receive no bid
Hindustan Times
CIDCO's housing scheme for VIPs elicits good response, proposals invited to appoint consultant
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