EconomyGS3-Economy
CIDCO's Navi Mumbai housing scheme sees poor response
CIDCO's mass housing scheme in Navi Mumbai has had fewer confirmed buyers than homes offered, prompting a reevaluation of its strategy.
February 5, 2025
Key Points
- 1CIDCO offered 26,000 affordable homes under its 'My Preferred Home' mass housing scheme in Navi Mumbai but received only 22,000 confirmed buyers.
- 2CIDCO had earlier held a lottery for 7,849 homes which received a good response.
- 3CIDCO received more than 1 lakh initial applications, but only 22,000 made the earnest money deposit.
- 4The deposit varies from Rs 75,000 to Rs 1.25 lakh based on the category.
- 5The application deadline was extended to January 31, 2025, and CIDCO participated in the Navi Mumbai Property Exhibition from January 24-27, 2025.
- 6The scheme is part of the Pradhan Mantri Awas Yojana (PMAY), with prices starting at Rs 25 lakh for EWS homes to Rs 97 lakh for LIG homes.
Important Terms
CIDCONavi MumbaiHousing SchemePMAYReal Estate
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Last Updated: 6/12/2025