Magnetic Maharashtra: Navi Mumbai likely to see investment of Rs 1.5 lakh crore in affordable housing

Magnetic Maharashtra: Navi Mumbai likely to see investment of Rs 1.5 lakh crore in affordable housing

Maharashtra will get total investment of Rs 3.6 lakh crore in the housing sector, says CIDCO Vice-Chairman and MD Bhushan Gagrani

Bhushan Gagrani

Navi Mumbai could see investments worth Rs 1.5 lakh crore in the affordable housing sector during the three-day Magnetic Maharashtra summit starting on February 18. City and Industrial Development Corporation (CIDCO) Vice-Chairman and Managing Director Bhushan Gagrani on Tuesday said the overall investments for Maharashtra in the housing sector would be an estimated Rs 3.6 lakh crore.

Speaking to The Indian Express, Gagrani called Navi Mumbai “a big destination for affordable housing”. He said the “state-of-the-art infrastructure, land availability and policy incentives are the advantage to promote housing sector”. “Two lakh affordable houses within three years is the target. Of this, 50,000 houses would be built by CIDCO,” he said.

Under the category of economically weaker sections, the cost of CIDCO houses will range between Rs 16 lakh and Rs 17 lakh. Houses for the low-income group will be between Rs 20 lakh and Rs 22 lakh. The rates are evolved on carpet area, not built-up area. The projects undertaken by private developers would be marginally higher varying between 5 and 10 per cent. Stating that Navi Mumbai has become an alternative destination “by default”, Gagrani said the single factor that made it more acceptable was the rapid multi-transport connectivity by road, rail and air.

He said some of the big-ticket projects, such as the Mumbai Trans-Harbour Link (MTHL) or the Navi Mumbai International Airport, were being realised. The expansion of the CST-Mankhurd Harbour Line to the 12-lane Thane Creek Bridge provides 360-degree connectivity to Navi Mumbai.


The first phase of the 12-km Nerul-Uran railway line is expected to be complete by December 2018 and the second phase by 2019. The first runway of the Navi Mumbai International Airport will become functional by December 2019, the second by 2020. Apart from connectivity, Gagrani said, faster travel was assured, which would help people shed their mental block and embrace Navi Mumbai as their home.

He said the Navi Mumbai Metro project along Belapur, Kharghar, Taloja, Kalamboli and Khandeshwar railway station, terminating at Navi Mumbai International Airport, with investment of Rs 4,000 crore was planned with a definite timeline. The CIDCO Metro between Belapur and Taloja would boost both housing and economic activities, Gagrani said, adding that Belapur was the mainstay for the service sector and Taloja had developed into a manufacturing hub.

“The Sion-Panvel Highway is an important road corridor between Mumbai and Navi Mumbai. Interconnecting with Thane-Belapur, Eastern Express Highway and Eastern Highway,” he said. Originally, Navi Mumbai was planned as an alternative satellite town to decongest Mumbai with part relocation of steel, marble and an agriculture produce market centre. However, its growth potential has been reckoned and realised in the recent years.

The Navi Mumbai Airport Influence Notified Area (NAINA), planned on 400 sqkm area, is going to be a unique model with a scale that would almost come close to Mumbai. NAINA would be a project which would be the future, extending to the next 30 years and new generations, Gagrani added.

What makes the model realistic, he claimed, was the land pooling model that ensured participation of farmers and land aggregators who had to hand over 40 per cent of the land to CIDCO for infrastructure. In exchange, CIDCO is providing additional floor space ratio of 1.75. The CIDCO infrastructure investments helped in increased rates for their developed land, said Gagrani.