en.Wedoany.com Reported - The City and Industrial Development Corporation of Maharashtra (CIDCO) leased a 1.4-acre plot in Nerul, Navi Mumbai, to real estate firm Today Royal Developers in July 2026 for a one-time lease premium of INR 1.7705 billion. Earlier, in March 2025, Godrej Properties Ltd leased three contiguous plots in Kharghar from CIDCO for INR 71.7 billion. The total value of the two transactions is approximately INR 89.47 billion.

CIDCO is a state government urban planning authority under the Government of Maharashtra, responsible for the development of areas such as Navi Mumbai. Today Royal Developers is an Indian real estate company. Godrej Properties Ltd, founded in 1990 and headquartered in Mumbai, is one of India's leading real estate developers.

The Nerul plot, located in Sector 52A, covers an area of 5,785.78 square meters (approximately 1.43 acres). The lease term is 60 years, and the transaction was registered on July 10, 2026. The developer paid a one-time lease premium of INR 1.7705 billion, plus INR 797 million in stamp duty, with an annual rent of only INR 100. On a per-area basis, the lease premium amounts to approximately INR 306,000 per square meter. The plot is designated for mixed use, allowing residential and commercial buildings, with a basic Floor Space Index (FSI) of 1.5.

Under the leasehold arrangement, homebuyers own the apartments, while the land remains leased from the lessor. In contrast, under the freehold model, the developer transfers land ownership permanently to the housing society.

The Kharghar plot transaction was registered on March 19, 2025, with a lease term of 60 years. The plot, located in Kharghar, covers 6.54 acres, with a total value of INR 71.658 billion. Stamp duty exceeded INR 350 million, and the registration fee was INR 90,000. The plot is also designated for mixed use, allowing residential and commercial development. The development potential is approximately 2 million square feet, including high-end residential apartments in various configurations.

Both transactions adopt a 60-year long-term lease model, reflecting developers' confidence in the long-term development prospects of the Navi Mumbai region. With the advancement of infrastructure projects such as the Navi Mumbai International Airport, the Mumbai Trans Harbour Link (Atal Setu), and the metro network expansion, the area is becoming a focus for investors and developers. CIDCO continues to revitalize land resources through long-term lease transactions and e-auctions.