Navi Mumbai: CIDCO Allocates Rs 4000 Crores for Housing and Infrastructure in 2024-25 Budget

The City and Industrial Development Corporation (CIDCO) has made a provision of Rs 4000 crores for housing and Rs 977 crores for Navi Mumbai International Airport projects in the upcoming year. These allocations were outlined in the budget for the financial year 2024-25, which was presented on March 5 by the planning agency. Vijay Singhal, the newly appointed Vice Chairman and Managing Director, unveiled a budget of Rs 11,839.29 crores, emphasizing key areas such as the Navi Mumbai International Airport (NMIA), housing initiatives, Metro expansion, NAINA (Navi Mumbai Airport Influence Notified Area), Coastal Road development, and Water Supply Scheme.

"CIDCO's projects such as NMIA, NAINA, Mass Housing Scheme, among others are at an important stage. Along with these ambitious projects, other schemes which are important for the common people of Navi Mumbai such as transportation projects and water supply schemes have also been allocated with a substantial amount of more than Rs.11,000 crores in the budget of 2024-25. This will help in completing these projects within the scheduled time frame and will also provide a relief to the common man,” said Singhal. The planning agency has been constructing around 90,000 homes under the Prime Minister Awas Yojana across Navi Mumbai. These houses will be available for citizens falling under the low income and middle income groups. Similarly, areas under CIDCO jurisdiction have been facing acute shortage of water round the year.

In this budget, the planning has made a provision of Rs 4018 crores for housing, Rs 977 crores for the proposed airport, Rs 730 crores for water supply projects, Rs 610 crores for Metro Rail projects, Rs 569 for NAINA, Rs 300 crores for Kharghar-Turbhe Link Road and Rs 284 crores for Railway projects.  In addition, CIDCO has also made a provision of Rs 400 crores for the Thane Cluster project and Rs 400 crores for Ulwe Coastal Road.  CIDCO has presented a highest budget of Rs. 11,839.29 crores (Expenditure) for 2024-25 against receipts of Rs. 11902.69 crore with focus on infrastructure development. The revised budget estimates of 2023-2024 were Rs. 7025 crores (expenditure) against receipt of Rs. 7076 crores.