CIDCO residents to become owners of their flats

Soon, the City and Industrial Development Corporation (CIDCO) residents from Navi Mumbai, Nashik, Aurangabad, and Nanded, will be the owners of their houses. The State Government declared that the corporation will no longer have authority to claim ownership over the houses and they will be handed down the residents.

The Chief Minister approved the proposal in a State Ministry meeting, and the same has been accepted by the residents. The housing project by the state government was conducted by CIDCO so that the financially weaker people could also own a house in cities like Navi Mumbai, Nashik, Aurangabad, Nanded, Sindhudurg, and various other places. However, since the land belonged to CIDCO, the residents were never provided with the ownership of the flats. The lands were provided to the societies on rent for 30, 50, and 99 years respectively.

The residents earlier questioned about the same post the tenure of the rent has passed and keeping the concern in mind, they demanded that the ownership must be handed over to the residents, and the same was approved after they approached the Chief Minister. The decision is expected to benefit lakhs of residents across various cities in Maharashtra.

As per reports, the residents had to go rush to CIDCO offices for even queries and permission regarding smaller repairs. However, since they have now been declared as the owners for the houses, this will bring them relief with many such issues.