The City and Industrial Development Corporation (CIDCO) has announced an extension of its Amnesty Scheme for the recovery of Additional Lease Premium (ALP) on CIDCO plots in Navi Mumbai, extending the deadline to September 15, 2024.
This decision follows a directive from the Maharashtra Government aimed at easing the financial burden on developers and leaseholders involved in construction projects on CIDCO lands. Introduced on January 12, 2024, the Amnesty Scheme was designed to address challenges related to the recovery of additional lease premiums, service charges, and development charges. The scheme offers significant financial relief to developers, housing societies, and individual leaseholders grappling with the complexities of land development in Navi Mumbai and other designated areas.
Under the extended scheme, applicants can benefit from a 50% concession on Additional Lease Premium, Service Charges, and Development Charges applicable to CIDCO areas. This concession also extends to similar new towns, including Chhatrapati Sambhajinagar, Nashik, Nanded, and Nagpur, reflecting a broader attempt by the state to alleviate financial pressures across various regions. Applicants seeking to avail themselves of these benefits must submit their applications by the revised deadline of September 15, 2024. Following submission, CIDCO will review and process the applications in accordance with the scheme’s policies.
Applicants will be notified of the payable amounts within 15 days of application submission. To finalise the process, payments must be made within 15 days from the date of the payment notification. This amnesty extension is expected to provide substantial relief to many stakeholders involved in land development projects, facilitating smoother financial transactions and encouraging the completion of stalled projects. The scheme underscores CIDCO’s commitment to supporting the development sector and fostering a more conducive environment for construction and urban expansion.
By extending the Amnesty Scheme, CIDCO aims to resolve outstanding financial obligations and stimulate progress in the development of Navi Mumbai and other areas, ultimately contributing to the region’s growth and infrastructure enhancement.
