CIDCO Housing Prices Spark Concerns - Are Homes in Navi Mumbai Out of Reach for the Common Man?

Navi Mumbai:

CIDCO has announced the prices for 26,000 homes across various nodes in Navi Mumbai, sparking criticism from prospective buyers who find the costs beyond their reach.

Housing Costs for EWS and LIG Segments

Homes for the Economically Weaker Section (EWS) range from ₹25 to ₹48 lakh, while Low-Income Group (LIG) homes are priced between ₹45 lakh and ₹97 lakh. Buyers in the EWS category are eligible for a subsidy of ₹2.5 lakh.

Buyers Express Frustration Over Delays and Price Disclosure

Though the prices were finalized on December 30, 2023, CIDCO delayed the announcement until January 2, 2024, leading to confusion and frustration among applicants.

Affordable Options in Taloja

With 25,000 units available, Taloja offers the most affordable homes starting at ₹25 lakh, yet CIDCO faces challenges selling units previously rejected by buyers.

Premium Rates in Kharghar and Vashi

Homes in Kharghar are priced as high as ₹97 lakh, making it the most expensive node in the scheme, followed by Vashi at ₹74 lakh.

CIDCO Defends Pricing Strategy

CIDCO claims its pricing reflects construction costs, land value, amenities, and maintenance, offering homes at rates lower than private developers.