The City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) has leased a 1.4-acre land parcel in Navi Mumbai’s Nerul to Today Royal Developers for a one-time premium of Rs 177.05 crore, according to property registration documents reviewed by CRE Matrix.
The transaction involves a 5,785.78 sq metre plot located in Sector 52A, Nerul, which has been leased for a period of 60 years. The agreement was registered on July 10, 2026, with the developer paying stamp duty of Rs 7.97 crore.
As per the registration documents, the plot has been designated for mixed-use development, allowing both residential and commercial construction. The land parcel has a base permissible Floor Space Index (FSI) of 1.5, enabling development based on the approved planning norms.
The one-time lease premium translates to approximately Rs 3.06 lakh per sq metre, considering the total premium paid and the size of the land parcel. Apart from the upfront payment, the lease agreement includes a nominal annual lease rent of Rs 100.
An email seeking comments was sent to CIDCO, and the story will be updated if a response is received. Today Royal Developers could not be contacted for comments.
Understanding Leasehold And Freehold Land
In a leasehold arrangement, buyers own the individual apartments constructed on the plot, while ownership of the land remains with the lessor, in this case CIDCO. As a result, the housing society does not receive absolute ownership rights over the land through a conveyance deed.
In contrast, under a freehold land model, the developer transfers complete ownership of the land to the housing society. The society receives full ownership rights after execution of the conveyance deed.
CIDCO has recently undertaken several large-scale land transactions through long-term lease models. In March 2025, Godrej Properties Ltd acquired three adjoining land parcels measuring 6.54 acres in Navi Mumbai’s Kharghar through a 60-year lease for Rs 717 crore, according to property registration documents accessed by SquareYards.
The Kharghar plots offered a development potential of around 2 million sq ft, comprising premium residential apartments across different configurations, as announced by the company. The transaction highlights continued interest from developers in CIDCO’s land parcels across Navi Mumbai, driven by improving infrastructure connectivity and rising real estate demand.
Source: Hindustan Times
