In a major push to provide affordable housing in Navi Mumbai, CIDCO will deliver over 67,000 housing units for the economically weaker sections (EWS) and low-income groups (LIG).

The ambitious project, spanning 600 acres across 20 locations from Vashi to Taloja, aims to deliver 67,235 housing units catering to the two segments.

The initiative comes at a time when housing prices in Navi Mumbai’s prime areas continue to soar, with luxury developments touching Rs30,000 per square foot.

CIDCO aims to offer affordable housing alternatives that are strategically located near key transport and industrial hubs. The township developments are expected to accommodate a growing urban population seeking well-connected and budget-friendly homes.

CIDCO officials have reported significant progress, with nearly 65 per cent of the project’s construction complete since work began in 2020. Phased development is underway, and full completion is targeted by the end of 2027.

The organisation recently conducted Maharashtra’s largest-ever housing lottery, covering 25,723 flats, with 19,518 allotment letters already issued. More than 1.5 lakh people registered for the scheme, and 55,000 applicants have paid their deposits. Earlier in 2024, 5,000 units were successfully sold, and several hundred families have already taken possession of their new homes.

“The demand for these homes is a testament to the growing need for affordable housing in the region. Our goal is to ensure quality homes at reasonable prices, enabling more people to become homeowners,” Vijay Singhal, CIDCO MD, said.

The affordability factor remains a key attraction. EWS flats start at Rs25 lakh in locations such as Sector 28, Taloja, while LIG flats in premium areas like Sector 1, Kharghar. close to the railway station, can exceed Rs97 lakh.

With rapid urbanisation and increasing housing demand, CIDCO’s large-scale development plays a crucial role in reshaping Navi Mumbai’s residential landscape. The integration of the housing projects with public transport networks will ensures ease of commute for residents.

As luxury housing prices continue to escalate, CIDCO’s affordable home scheme stands as a crucial intervention in bridging the housing gap for lower-income groups. The initiative is expected to redefine the city’s housing market.