CIDCO Announces Land Auction Ahead of NMIA Launch

In a major move to boost real estate and industrial development near the upcoming Navi Mumbai International Airport (NMIA), the City and Industrial Development Corporation (CIDCO) has announced the e-auction of 30 leasehold plots across various nodes of Navi Mumbai. The auction is scheduled for October 16, with results to be declared on October 17.

The plots will be on lease for residential, commercial, bungalow, service industry, and warehousing usages. Nodes like Kharghar, Kamothe, New Panvel, Ulwe, and Dronagiri, among others, have been shortlisted for the allotment.

CIDCO released a public notice on September 24, informing that a detailed booklet containing plot locations and specifications shall be available for sale on its portal from September 29. 

Key highlights:

• The City and Industrial Development Corporation (CIDCO) will auction 30 leasehold plots in Navi Mumbai’s prime nodes like Kharghar, Ulwe, Kamothe, and Dronagiri on October 16, with results announced the next day
• The land parcels are earmarked for residential, commercial, bungalow, service industry, and warehouse purposes, aiming to boost real estate and industrial development near the upcoming Navi Mumbai International Airport (NMIA)
• The auction coincides with Prime Minister Modi’s September 30 inauguration of the NMIA and partial Mumbai Metro-3 line, signaling a major push for infrastructure-led economic growth in the region 

The move comes just before a prestige event on September 30, when Prime Minister Narendra Modi will inaugurate the Navi Mumbai International Airport and launch a section of the partial portion of the Mumbai Metro-3 corridor in South Mumbai.

"This e-auction offers a rare chance to businesses and residents to acquire excellent land close to what will become one of India's busiest transport centers," said a CIDCO spokesperson.

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CIDCO, which has built 14 large nodes in Navi Mumbai, had previously permitted conversion of leasehold residential plots to freehold. The conversion will be as per ready reckoner rates, increasing further the appeal for prospective investors.

"This step is in the right direction of the growth path of Navi Mumbai," the official said.