July 14, 2025: In a landmark move likely to reshape property ownership in Navi Mumbai, the City and Industrial Development Corporation (CIDCO) has announced that residential plots allotted on a leasehold basis can now be converted to freehold. This long-awaited policy offers thousands of homeowners full ownership rights, removing longstanding hurdles related to resale, inheritance, and redevelopment.
CIDCO has developed 14 key nodes in Navi Mumbai, including Vashi, Nerul, Kharghar, Ulwe, and Panvel. Until now, most residential and commercial plots in these areas were granted under long-term lease agreements, requiring periodic renewals, approvals for transfers, and compliance with lease obligations—often frustrating for property holders.
The newly announced freehold conversion is voluntary and applies only to plots where lease deeds have been formally executed. It includes plots allotted through CIDCO’s own housing schemes, public tenders, and rehabilitation schemes for project-affected persons (under the 12.5% and 22.5% quotas).
CIDCO has constituted a committee to assess each application. Eligible plot holders must submit required documentation and pay a conversion fee based on a percentage of the Maharashtra government’s ready reckoner rate. In cases involving subsidised allotments or clauses on unearned income, additional charges will apply.
Once approved, plots will attain full freehold status, with no requirement for CIDCO’s prior approval for sale, inheritance, or mortgage. Ownership titles will be updated in the government’s land records, bringing clarity to property rights and easing redevelopment.
The move is expected to boost investor confidence and unlock redevelopment potential in older housing societies, particularly in Vashi, Belapur, and Kharghar. It follows similar reforms by other urban authorities in Maharashtra and aligns with growing real estate momentum in Navi Mumbai, driven by upcoming infrastructure like the international airport and metro expansion.
Source: The Realty Today
