Maharashtra Cabinet approves concept-based ‘iconic city development’ policy

The state Cabinet approved a concept-based iconic city development policy aimed at the optimal use of land held by CIDCO and other state authorities.

The policy facilitates this by appointing Construction and Development Operators (CDOs) through competitive bidding, with set timelines and clear revenue sharing guidelines.

The state Cabinet approved a new Iconic City Development Policy to ensure optimal use of CIDCO land by enabling integrated, concept-based residential and commercial projects.

The state Cabinet on Tuesday gave it’s approval for a new policy aimed at concept-based iconic city development, designed to ensure optimal use of land under CIDCO and other state authorities.

According to the cabinet decision, currently CIDCO, which holds a huge land bank in Navi Mumbai, allocates land parcels on lease through auctions and allows successful bidders to undertake construction projects. The developers are required to comply with the lease agreements and the Unified Development Control and Incentives Regulations, 2020.

Officials said some plots are controlled by multiple construction and development operators (CDOs), which makes it difficult to implement integrated urban development.

Under the new policy, CDOs can be appointed through a competitive bidding process and this will allow developers to create integrated residential townships and international standard commercial zones, with full development rights and the ability to sell residential and commercial units.

The policy has also sets timelines for project completion and includes detailed provisions covering CDO responsibilities, selection of development concepts, project planning, land transfer, revenue sharing, payment terms, and project completion guidelines.

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