CIDCO authorizes infrastructure development plan for NAINA

CIDCO authorizes infrastructure development plan for NAINA

News

The City and Industrial Development Corporation (CIDCO) has recently approved the infrastructure development plan for NAINA. The new development plan includes the mainland pooling and reconstitution town arranging plan under the Navi Mumbai Airport Influence Notified Area (NAINA) blueprint.

According to the plan, around 19.12 hectares from Akurli, Belavali and Chikle towns will be developed at first. Moreover, CIDCO has further pooled in a budget of Rs 21 crore for further improvement of these towns.

In April 2017, CIDCO has approved the development plan of 23 towns along with the blueprints of these three towns to be developed under NAINA. The main plan has already got approval and incorporates the three towns mentioned above. While, the second plan has been submitted to the Director, Town Planning, the third plan is still in its conceptual stages.

Under the approved plan, CIDCO will develop 70 kilometers of roads and 82 hectares of open spaces along with 30 hectares of greenery and 36 hectares for EWS housing projects. Furthermore, 110 hectares has been allotted for residential and commercial development.

With land pooling given major focus, these towns will have better future prospects with many infrastructural developments which include the development of major roads and streets, pathways, lighting, water pipelines and sewage systems. In fact, every property owner incorporated into the plan will get 40% of the created value under the development plan.

In recent times, many areas of Navi Mumbai have witnessed major growth in terms of both residential and commercial real estate. According to recent reports, Navi Mumbai has emerged as the hub of affordable housing due to comparatively lower prices, good road and railway connectivity and growing infrastructure. With the announcement of the Navi Mumbai airport project, many leading real estate investors have made investments in areas around the airport.