Only 22,000 applicants for CIDCO 26,000 homes
In a surprising turn for Navi Mumbai’s affordable housing market, CIDCO’s ambitious mass housing scheme has garnered only 22,000 applicants for the 26,502 homes on offer. Launched in October under the Pradhan Mantri Awas Yojana, the scheme aimed to bridge the state’s growing demand for affordable housing. Despite two deadline extensions and extensive promotional efforts, the scheme failed to generate the anticipated response. The pricing structure, ranging from ₹25 lakh for the Economically Weaker Section (EWS) to ₹97 lakh for Low-Income Group (LIG) homes, appears to be a primary deterrent. With the application period now closed, real estate experts question whether CIDCO’s pricing strategy aligns with the financial realities of its target audience.
Comparisons with other government housing initiatives suggest that pricing may have played a significant role in deterring potential buyers. For instance, Mumbai’s Maharashtra Housing and Area Development Authority (MHADA) lottery regularly sees overwhelming participation. In August 2024, over 1,00,000 applications were submitted for just 2,000 MHADA homes—highlighting a stark contrast in demand. Analysts argue that Navi Mumbai’s housing market has evolved, with increasing private sector participation offering competitive pricing and better amenities. The earnest money deposit requirement—₹75,000 for EWS applicants, ₹1.5 lakh for a 1 BHK, and ₹2 lakh for a 2 BHK—also contributed to the subdued response, as many potential buyers hesitated to lock in funds without assured affordability. The ongoing development of Navi Mumbai’s international airport has triggered a housing boom, making private sector alternatives more attractive.
From an urban planning perspective, the shift in CIDCO’s housing approach may also be a factor. Traditionally known for developing planned townships with open spaces and sustainable urban layouts, CIDCO has increasingly moved towards high-density housing akin to Mumbai’s vertical expansion. This transition, while aimed at maximising housing stock, has raised concerns about infrastructure stress, accessibility, and overall liveability. Industry experts argue that buyers today seek well-integrated residential ecosystems rather than standalone affordable housing blocks. Moreover, the saturation of new projects in Navi Mumbai has given buyers ample choices, reducing the urgency to opt for government-led initiatives.
Sustainability is a crucial angle in this discussion, as mass housing schemes are expected to contribute to long-term urban resilience. The lukewarm response to CIDCO’s scheme suggests a gap between policy objectives and market expectations. If affordable housing is to be a sustainable solution, pricing must reflect the economic realities of target groups. Further, ensuring energy-efficient construction, access to public transport, and green spaces can enhance the appeal of government housing projects. Without addressing these issues, schemes like ‘My Preferred CIDCO Home’ may continue to struggle in an increasingly competitive real estate landscape.
