City and Industrial Development Corporation of Maharashtra (CIDCO) is all set to build affordable house in Navi Mumbai. This is a part of its plan to create affordable housing hubs across Navi Mumbai and has already narrowed down upon a land to construct 7,500 houses.
The house will be built for all the section of the society from High Income Group (HIG), Middle Income Group (MIG) and Low Income Group (LIG) to Economically Weaker Sections (EWS) and will be built across Kharghar, Vashi, Ghansoli and Taloja.
The 14-storey high-rises will have one bedroom kitchen apartments of 285 sq ft and 360 sq ft carpet area in the affordable category and 611 sq. ft. and 1,070 sq ft apartments for the mid and hi-end segments.
CIDCO has allocated Rs 700 crore for executing phase one of theis affordable housing project that involves construction of around 4,000 houses on a 10-hectare plot in Kharghar, Sector 36. Another 3,500 homes will be built in Taloja. Reportedly, CIDCO has a target of constructing a total of 12,000 houses in the near future. The project will take off in areas like Kharghar and Taloja where the agency already owns a considerable amount of land.
They have identified some plots in Vashi and Ghansoli for constructing the remaining housesCIDCO will also be exploring area like Dronagiri and Ulwe for its housing schemes. Over the last four decades, CIDCO has constructed 1.20 lakh houses; more than of half of these cater to the EWS and LIG sections. Such EWS housing has been created in Kharghar, Nerul, New Panvel, Kalamboli and Koparkhairane. Some of its ambitious housing projects include Gharkul and Spaghetti (LIG-MIG) at Kharghar. Millennium Towers (MIG) at Sanpada and Seawoods NRI Estate (HIG) at Nerul. It has been reported that, CIDCO will be laying a special focus on creation of affordable housing in its coming budget expected to be announced shortly. The houses constructed by CIDCO account for almost half the housing stock in Navi Mumbai. Projects by private builders are constructed on land that is purchased from CIDCO at market price. Almost 75 per cent of CIDCO’s internal revenue is generated through sale of such land.