The government agency Industrial Development Corporation (CIDCO) Board, in order to boost the real estate sector, has decided to freeze the reserve price of land in various nodes of Navi Mumbai and the surrounding areas for the Financial Year 2020-21.
Furthermore, in a statement, CIDCO iterated that the Reserve Price of Land of the node represents the break-even rate of land and infrastructure development cost and it is worked out by adopting the present worth concept.
According to reports, as a result of the real estate being heavily affected due to the outbreak of the coronavirus along with the economic recession, the CIDCO has taken such a decision. Moreover, the reserve price of land was frozen by CIDCO in the year 1997-98 and 2004-05.
On the other hand, CIDCO had earlier decided to take several measures in order to solve the water crisis. According to sources, it has reportedly decided to reserve an additional 120 million litres a day (MLD) water from the Hetwane dam. The additional water reserved from the Hetwane dam will be used for various projects, villages, and towns in South Navi Mumbai.
In addition to that, the planning agency has approved a proposal for payment of INR 119.8 crores to the Konkan Irrigation Development Corporation of the Department of Water Resources. CIDCO had started the work of constructing underground aqueduct for Hetwane dam last year. The excavation work of the tunnel beneath Hamrapur hill for the pipeline, connecting Hetwane dam to the city, at the depth of 20-25 metre is near completion. This project is to be completed till February-end.
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