The City and Industrial Development Corporation (CIDCO) is a Maharashtra run planning agency established on 17 March 1970 to develop a satellite city for Mumbai. It is now a special planning authority that develops new cities by planning and developing the necessary infrastructure and municipal services on a large scale.
CIDCO will offer 90,000 homes in Navi Mumbai through a lottery scheme. The scheme will start from July 2019 and will end in August 2019. Potential areas will be covered under the scheme Panvel, Taloja, Kharghar, Kharkopar, Kalamboli and Ulwe others. 90,000 affordable houses will be called, out of which 37,000 houses will be made available to the Low Income Group (LIG), while 53,000 houses will be given to the Economically Weaker Section (EWS).
Affordable homes for EWS will cover a carpet area of ??25.81 square meter, while homes built for LIG will have a carpet area of ??29.82 square meter. The lottery winners will be announced next month and will need to be paid once the construction of the houses begins. A similar lottery scheme was issued by CIDCO in early 2019 with 50,000 applications received for 1,100 affordable homes.
Check you are eligible or not for the application process?
Potential buyers should check the eligibility criteria before entering the lottery scheme to avoid any unnecessary mess and rejection.
Economically Weaker Section - Households that earn an average monthly income under INR 25,000 can avail EWS houses under this scheme. The houses that will be supplied under this lottery scheme can cost between INR 17-19 lakhS. CIDCO will deposit INR 5,000 as the earnest money for EWS houses.
Low income group - Households who earn an average monthly income between INR 25,000 to INR 50,000 can avail LIG houses under this scheme. The houses that will be supplied under this lottery scheme can cost anywhere between INR 25-27 lakhs. A deposit of INR 25,000 will be retained by CIDCO as an earnest money for LIG houses.
Earnest money deposit- It is a negotiable amount between the buyer and seller which is about 1% -2% of the property purchase price. This deposit is in the form of a credit for down payment and closing costs by the seller.
Process through which you apply your application:
Check your Application Status from below steps:
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