You could own an affordable apartment at Kharghar, 2.5 km from the proposed Navi Mumbai International Airport, by applying for the City and Industrial Development Corporation of Maharashtra Ltd’s (CIDCO) lottery scheme.
Missed your chance of buying a low-cost house in Mumbai during the lottery held by the state housing board in May? There’s still hope. You could own an affordable apartment at Kharghar, 2.5 km from the proposed Navi Mumbai International Airport, by applying for the City and Industrial Development Corporation of Maharashtra Ltd’s (CIDCO) lottery scheme.
While CIDCO is yet finalise the date of the lottery for the integrated affordable housing scheme in Navi Mumbai, senior officials said the announcement will soon be made.
Pegged as one of the biggest housing schemes at Kharghar, 1,100 apartments each will be available for the middle-income and higher income groups, while 2,500 houses will be built for the lower income group.
“There will be less loading in the proposed scheme houses so that buyers will get maximum area to use. We will develop this project on the lines of a township such as the NRI Colony at Seawoods in Navi Mumbai,” explained Keshav Warkhedkar, additional chief engineer, CIDCO.
“The tenements will have state-of-the-art facilities and amenities, including underground parking, club house, swimming pool and garden, but the apartments will be affordable. Through this scheme, we will fulfill people’s housing demand as part of our social responsibility,” he added.
CIDCO has also not yet fixed the per sq ft rate for the proposed project. But, according to sources, it would be between Rs3,500 and Rs 4,000 per sq ft.
“Several factors will determine the flat rates, such as the cost of the land, current construction cost and demand of houses in that area. The proposed scheme tenements are close to Central Park as well as the golf course. It will be self-sufficient scheme,” Warkhedkar added.
Real estate experts believe that this is the right time for CIDCO to launch a housing scheme of this scale.
“It will ease the current exorbitant real estate market. Due to the proposed airport, developers had hiked the prices such that people could not afford to buy a house at Kharghar. These CIDCO low-cost homes will force developers to lower their rates.
In fact, the government should come up with such affordable housing schemes more often and at various pockets in the city to control the realty market,” said Ahmad Yavdekar, a real estate expert from Navi Mumbai.
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