Navi Mumbai: CIDCO presents ₹10,544 Cr budget for 2023-24; major push to mass housing

Navi Mumbai: The City and Industrial Development Corporation (CIDCO) presented a budget worth ₹10,544 crore for the financial year 2023-24 with a focus on executing major infrastructure projects and housing schemes under Prime Minister Awas Yojana (PMAY).

The major receipts for the planning agency will come from the sale of plots and selling housing units during the current financial year. While CIDCO has estimated an income of ₹10,544 crore and outlay of ₹10,498, with a surplus of ₹46 crore.

CIDCO to focus on Major projects in 2023-24

During 2023-24, CIDCO will focus on executing major projects like Navi Mumbai International Airport (NMIA), the Mass Housing Scheme under PMAY, the Navi Mumbai Metro, NAINA, Corporate Park, and water supply among others. CIDCO has allocated ₹777 crore for the Metro project, ₹433 crore for water supply, ₹501 crores for NAINA, and ₹907 crore for airport development. In addition, it will also spend around ₹3406 crore on mass housing projects. A total of ₹1164 crore has been kept aside for land acquisition for existing and upcoming projects during the financial year. During 2023-24, the planning agency will spend a total of ₹10,498.03 crores.

Major income from sale of housing units

The major source of income of CIDCO will be the sale of plots and housing units during the year. CIDCO has estimated to churn out around ₹3912 crores from the sale of commercial, residential, social service, and other plots. In addition, another major income will be from the sale of housing units. The planning agency has estimated around ₹5,507 crores from the sale of housing units. It will also earn around ₹231 crores as interest from its fixed deposit.

The budget for the financial year of 2023-24 is around 23 percent higher than the budget for 2023-23. The planning agency estimated around ₹2000 crores additional income than the previous year from the sale of housing units.