According to the central government's House for All policy, the City and Industrial Development Corporation of Maharashtra (CIDCO) is touted to build 88,961 houses this year.
Moreover, 40,000 houses are to be built in the first phase for which CIDCO is to announce 40 schemes on the eve of Gudi Padwa. Gudi Padwa happens to be a spring-time festival that marks the traditional new year for Marathi and Konkani Hindus.
CIDCO had announced a plan for 24,000 houses under the Prime Minister's Housing Scheme in the last three years. Meanwhile, customers who have been successful in the computerized draw have also been issued checks after completing the entire paperwork process. However, due to the outbreak of the coronavirus and the subsequent lockdown, the eligible holders are yet to get possession of the actual houses.
In a bid to boost the real estate sector, CIDCO had earlier 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.
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