CIDCO leases Navi Mumbai plot for ₹177 cr to Today Royal Developers

The City and Industrial Development Corporation of Maharashtra (CIDCO) has leased a prime land parcel in Navi Mumbai’s Nerul for a premium of nearly ₹177.05 crore to Today Royal Developers, paving the way for a mixed-use residential and commercial development.

According to property registration documents accessed by CRE Matrix, Today Royal Developers secured a 60-year lease for Plot No. 3 in Sector 52A, Nerul Node, measuring 5,785.78 square metres (about 1.43 acres).

The lease deed was registered on July 10, 2026.

The developer paid a one-time lease premium of ₹177.05 crore, while the annual lease rent has been fixed at ₹100, as per the registered documents. The transaction also attracted stamp duty of ₹7.97 crore.

Project to have residential and commercial components

The land parcel has been earmarked for mixed-use development, allowing both residential and commercial construction.

According to the lease documents, the plot has a base permissible Floor Space Index (FSI) of 1.5, determining the amount of built-up area that can be developed on the site.

The project is expected to come up in Nerul, one of Navi Mumbai’s established residential micro-markets that has witnessed increasing developer interest due to improving infrastructure and connectivity.

Premium reflects rising land values in Navi Mumbai

The transaction translates into a lease premium of around ₹3.06 lakh per sq m of land.

The deal highlights the growing appetite among developers for strategically located land parcels in Navi Mumbai, where infrastructure projects such as the Navi Mumbai International Airport, the Mumbai Trans Harbour Link (Atal Setu) and expanding metro connectivity are expected to drive residential and commercial demand over the coming years.

CIDCO continues monetising land bank

CIDCO regularly auctions and leases land parcels across Navi Mumbai to developers through competitive bidding as part of its land monetisation strategy.

The latest transaction adds to a series of high-value land allotments in recent years, with developers increasingly targeting locations such as Nerul, Kharghar, Ulwe and Panvel in anticipation of rising housing demand following the commissioning of major connectivity projects.

With a 60-year lease tenure and mixed-use permissions, the Nerul land parcel is expected to support both residential development and commercial space, reflecting the continued shift towards integrated projects in Navi Mumbai’s emerging growth corridors.

The Nerul transaction comes amid an active phase of land monetisation by CIDCO, which has been auctioning prime residential, commercial and mixed-use plots across Navi Mumbai to capitalise on rising developer interest driven by major infrastructure projects. Earlier this month, CIDCO launched an e-auction of 83 leasehold plots across locations including Kharghar, Ulwe, Kalamboli, Taloja, Kamothe, Ghansoli and New Panvel, covering residential, commercial and warehousing uses.

The development authority is also expanding its industrial and logistics footprint. In May, it invited bids for the first phase of its proposed 925-acre Integrated Logistics Park at Pushpak Node, strategically located near the upcoming Navi Mumbai International Airport, Jawaharlal Nehru Port (JNPT) and the Mumbai Trans Harbour Link (Atal Setu).

The latest lease also follows a series of high-value land transactions in Navi Mumbai over the past two years. In one of the biggest deals, a 10-acre plot in Kharghar attracted a record bid of around ₹2,120 crore, translating to nearly ₹5 lakh per sq m, reflecting developers’ confidence in the region’s long-term growth prospects.