CIDCO's 'Maha Nivas' housing scheme offers luxurious apartments to Maharashtra's legislators, judges, and bureaucrats at a fraction of the market rate, with price at about Rs. 19,500 per sqft, significantly lower than the area's market price of Rs. 30,000 to Rs. 60,000 per sqft. The scheme is part of a government initiative for specific VIPs and CIDCO is entrusted to construct and allocate the apartments on a lottery basis. It is designed by renowned architect Hafeez Contractor and encompasses 350 apartments on Palm Beach Road with carpet areas of 1270 sq ft and 1800 sq ft. CIDCO is welcoming applications till November 12 and has received 270 applications so far. While some praise the initiative, concerns have been raised within the real estate community about the pricing disparities and eligibility criteria.
Maharashtra's legislators, judges, and bureaucrats might soon have the opportunity to purchase luxurious apartments along Navi Mumbai's famed Palm Beach Road at a fraction of the market rate. All thanks to CIDCO's 'Maha Nivas' housing scheme. The scheme, designed by renowned architect Hafeez Contractor, encompasses 350 apartments set to be constructed at plot number 20, sector 15A on Palm Beach Road, opposite the NMMC headquarters in CBD Belapur.
These apartments, with carpet areas ranging from 1270 sq ft to 1800 sq ft, are priced at Rs. 2.45 crore and Rs. 3.47 crore respectively, equating to Rs. 19,500 per sqft. This stands in stark contrast to the market price of apartments in the area, which ranges from Rs. 30,000 to Rs. 60,000 per sqft, as indicated by real estate sources.
In March 2022, a committee led by the then legislative council chairman Ramraje Nimbalkar had instructed CIDCO to frame a policy and construct houses for VIPs to be allotted on lottery basis. Eligible participants include lawmakers elected after January 2020, sitting judges of the High Court and Supreme Court, and government officers presently serving in Maharashtra.
In June 2022, the authority approved a plan for constructing 875 apartments under the scheme, but the 2 BHK and 2.5 BHK flats were dropped from the plan due to cost escalation and demand issues. Then the new plan for larger luxury apartments was approved. CIDCO has initiated a demand registration scheme for the project, requiring applicants to pay 1 lakh to qualify for a lottery draw that will determine the successful allottees.
CIDCO Joint Managing Director (JMD) Kailash Shinde revealed that 270 applications have already been received, and this number is expected to rise significantly before the scheme closes on November 12.
However, not all stakeholders are equally content with CIDCO's offering. Developers have been demanding bungalow plots behind high-rise complexes in the area, but these demands have not been met by CIDCO. Some have highlighted that a 1,000 sq ft apartment in the NRI complex neighbouring CIDCO's plot recently sold for Rs. 4 crore, equivalent to Rs. 40,000 per sqft. This discrepancy has raised concerns among real estate developers and observers.
CIDCO's innovative housing scheme, while generating significant interest, has also stirred debates within the real estate community. While CIDCO is a government agency and is within its powers to decide the prices, the disparity in prices and the unique eligibility criteria for applicants have led to discussions about the broader implications of this initiative. As the demand registration period progresses, the scheme's impact on the local real estate market and its reception among prospective buyers will be closely monitored.
Advertisement
Facebook
Whatsapp
