City and Industrial Development Corporation (CIDCO) gets backing of Rs. 5,000 cr for its mega housing scheme

The mega housing project comprises 1,12,500 houses of which 35% of them are reserved for the economically weaker section (EWS) and 15% for the lower-income group (LIG) under the PMAY scheme. The remaining house stocks will be available for open sale.

A senior CIDCO official said that SBI has provided a line of credit of Rs. 5,000 crores to the PMAY Mega Housing Scheme being developed by CIDCO, thus CIDCO PMAY housing scheme meets financial closure. This will speed up the construction of houses under the scheme and make the dream of affordable housing come true for many common citizens.

“The line of credit sanctioned by the SBI will enable completion of the Mega Housing Scheme on time. The interest rate of 6% is probably the lowest rate for any PSU historically. This mega housing scheme is amongst the largest of its type in India and the world. This line of Credit completes the financial closure of the project.” Dr. Sanjay Mukherjee, Vice Chairman and Managing Director, CIDCO.

The estimated cost for the Mass Housing Scheme is Rs. 30,000 crores, out of which Rs. 4,000 crores will be financed from CIDCO’s infusion, Rs. 5,000 crores from bank credit and the remaining will be internal accruals of the project.

CIDCO is implementing the mega housing scheme based on the concept of ‘Transit Oriented Development’ in various nodes of Navi Mumbai which comprises 1,12,500 tenements. Phase 1 has 23,500, phase II has 67,000 and phase 3 has another 22,000 tenements.

The phase-1 of the scheme has been completed and the work under phase-2 is under full swing and the work of phase-3 will start soon.

City and Industrial Development Corporation will draw a lottery for 89,000 houses under Pradhan Mantri Awas Yojana

This information was shared by CIDCO MD Sanjay Mukherjee, and is expected to benefit many citizens from Mumbai, Navi Mumbai and nearby areas. 

In 2018-19, CIDCO had also drawn lottery for more than 14,000 houses under Mahagrihanirman Yojana and the winners of this lottery were allotted houses by Urban Development Minister Eknath Shinde on Thursday, July 1, 2021. Reports state that a total of 14,838 houses were allotted as per the Pradhan Mantri Awas Yojana and these were constructed at 11 places in 5 nodes namely Ghansoli, Kharghar, Kalamboli, Taloja and Dronagiri in Navi Mumbai. 

The keys were distributed to 100 beneficiaries by Minister Eknath Shinde.

Out of this lottery, 5262 houses were made available for the economically weaker sections and 9576 houses were made available for the low income group. The houses are one BHK and the floor area of the houses for both economically weaker section and the low income group were also announced during the event.

Meanwhile, the Navi Mumbai Municipal Corporation (NMMC), over the last few weeks, has been taking strict action against unauthorised constructions in Ghansoli, Belapur and Airoli areas. Officials have informed that the notices were issued to the respective project owners to stop the construction, however, despite that, the construction work of many projects continued. Owing to this, the authorities from the civic body has to intervene to demolish the project. Warnings have been given by the NMMC stating that if any such projects are found in the future, the civic body will take strict measures.