The agency plans to make its highly anticipated Navi Mumbai metro project operational in April this year.
The primary revenue stream for the year will come from the sale of plots and housing units.
The City and Industrial Development Corporation (CIDCO) of Navi Mumbai presented a budget worth Rs 10,544 crore for the financial year 2023-24, with a push for major infrastructure projects under development and proposed for the region.
This budget is 21.79 per cent more than the revised estimates of Rs 8,657.54 crore for 2022-23, reports Hindustan Times.
The corporation will focus on executing major projects like Navi Mumbai International Airport (NMIA), the Navi Mumbai Metro, Navi Mumbai Airport Influence Notified Area (NAINA), Mass Housing Scheme under PMAY, Corporate Parks and IT Centres.
CIDCO vice chairman, Sanjay Mukherjee said, “CIDCO endeavours to make Navi Mumbai self-contained and build a strong foundation not only for the current population but also for future generations. The upcoming NMIA will play a pivotal role in the field of urban development, thereby bolstering the economy of the country,” as per the HT report.
Additionally, the agency plans to make its highly anticipated Navi Mumbai Metro project operational in April this year.
“From April 2023, the complete Navi Mumbai Metro Line-1 is scheduled to become operational. Our plans also entail designing and planning for the metro rail, with lines-2, 3, and 4, connecting Belapur to NMIA and Mankhurd, and of course, NAINA,” said Mukherjee.
As per the Budget allocations, CIDCO has allocated Rs 777 crore for the Metro project, Rs 433 crore for water supply infrastructure, Rs 501 crore for NAINA, and Rs 907 crore for international airport development.
In addition, it will also spend around Rs 3,406 crore on mass housing projects.
A total of Rs 1,164 crore has been kept aside for land acquisition for existing and upcoming projects during the financial year, according to a report by FreePressJournal.
The primary revenue stream for the year will come from the sale of plots and housing units.
CIDCO’s projections indicates that it will generate around Rs 3,912 crore from the sale of commercial, residential, social service, and other plots.
The sale of housing units is expected to bring in about Rs 5,507 crore — an increase of approximately Rs 2,000 crore from the previous year, as per reports.
Additionally, the agency is expected to earn roughly Rs 231 crore in interest from fixed deposits.
Mukherjee further added that the budget is grounded on the principles of transparency, accountability, better accounting practice and performance.
Speaking of the plans ahead, he said that the logistics park, corporate park, Aerocity, and NAINA are just a few of the upcoming areas that they have meticulously planned and envisioned, to bolster Navi Mumbai’s reputation as a globally sought-after destination.