The affordable housing market in Navi Mumbai is undergoing significant change, as the cost of luxury real estate has risen to almost INR 30,000 per square foot. The City and Industrial Development Corporation (CIDCO) is building 67,235 residential units under the Pradhan Mantri Awas Yojana (PMAY) as part of one of India’s biggest public housing projects in order to serve the Low-Income Groups (LIG) and Economically Weaker Sections (EWS).
The housing project is spread across 20 strategic locations, including Vashi, Taloja, and Kharghar, ensuring proximity to industrial hubs, railway stations, and bus terminals to facilitate seamless connectivity. Built on 600 acres of land, the development comprises 350 high-rise towers ranging from 9 to 24 storeys, with each floor housing eight flats. The total built-up area is estimated at 2.5 crore square feet, making it one of the most ambitious mass housing projects in India.
The project features large layouts with designated open spaces and is intended to provide modern living at an affordable price. To ensure a well-balanced urban environment, about 40% of the total land area has been set aside for parking facilities, community centres, landscaped gardens, and kid-friendly play places. Apartments are divided into groups according to income eligibility. EWS apartments, which are priced at about INR 30 lakh and are only available to households making up to INR 6 lakh a year, have 1 BHK units with a carpet area of 322 square feet. Depending on the location and connection, LIG apartments, which are offered in 398 and 540 square foot configurations and target somewhat higher-income groups, range in price from INR 25 lakh in Taloja to over INR 97 lakh in Kharghar.
CIDCO recently conducted Maharashtra’s largest housing lottery, covering 25,723 flats, of which 19,518 families have already received allotment letters. The response has been overwhelming, with 1.5 lakh registrations and 55,000 applicants making deposits. The project, which began construction in 2020, is currently 65% complete. With an additional 15,000 flats expected to be ready by the end of this year, several hundred families have already taken possession of their homes. Earlier in 2024, 5,000 units were successfully sold, reflecting strong demand. The project is being developed in phases and is set for full completion by 2027.
The PMAY initiative further lessens the financial strain by offering eligible EWS purchasers a subsidy of INR 2.5 lakh to make homeownership more attainable. This massive housing project is anticipated to transform Navi Mumbai’s urban landscape as the city grows, bringing in contemporary, reasonably priced residences and enhancing access to important business areas.
Source: Prop News Time
