Everything to know about CIDCO (City and Industrial Development Corporation)

Before 2021, everyone was content to live in a condominium; nevertheless, we spent most of our days at work and only used our homes for sleeping at night. We realized how crucial it is to maintain our own home after the outbreak. A place where we won’t have to worry about violating the owner’s rules or hammering a nail into the wall. The most straightforward option for those looking to purchase a lovely, less expensive property is the CIDCO lottery in 2022.

The Maharashtra government set up CIDCO, or City & Development Corporation of Maharashtra Limited, on March 17, 1970. They pride themselves on being the best city planning company in the entire nation.

In other words, they must provide affordable housing and industrial land to low-income residents or those who live in Economically Backward Areas. Considering that city planner were involved in their construction, these homes are thoughtfully constructed, environmentally friendly, and sustainable. They profit from their expertise.

Because of this, CIDCO resources are constantly in great demand. They don’t just build cheaper homes; they also build homes that sell for more money and are suitable for everyone who needs one.

The Pradhan Mantri Yojana (PMAY) program was introduced by the government to provide low-cost accommodation to criminals in the city. They want to build 20 million new homes by March 31, 2022. As a result, CIDCO is building thousands of lots—if not lakhs—of homes in Navi Mumbai, including Panvel, Taloja, Kharghar, and Kalamboli, as well as Bamandongri, Kharkopar, and Juinagar.

Every year, CIDCO chooses a development area, constructs several well-designed homes, and then sells them at sponsored prices to those in need via a random lottery.

A residence certificate demonstrating that you have lived in Maharashtra for at least 15 years is required if you wish to participate in the CIDCO lottery for 2021–2022. You must be a Maharashtra resident with evidence of residency; you do not need to live in Navi Mumbai or the area where the housing is being constructed.

In addition, you’ll need to provide documentation of your income; if you’re applying for an EWS flat through the CIDCO lottery system, your income shouldn’t exceed Rs 25,000. If you want to apply for a condo through the LIG CIDCO lottery system, you must present evidence of income showing that you make between Rs 25,000 and Rs 50,000 per month.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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