CIDCO’s highly publicized ‘My Preferred Home’ housing scheme has fallen short of expectations, attracting only 55,000 eligible applicants for 26,000 homes across Navi Mumbai’s prominent areas.
According to CIDCO officials, while the scheme initially received 1,36,000 applications, only 55,000 applicants paid the required registration fee to participate in the final lottery draw.
Many cited the high prices of homes and last-minute price announcements as reasons for opting out. CIDCO’s decision to reveal project-specific prices just a day before the deadline left prospective buyers with little time to make informed decisions, further deterring participation.
Flats under the ‘My Preferred Home’ scheme are priced between Rs 25 lakh and Rs 48 lakh for the Economically Weaker Section (EWS) category and from Rs 34 lakh to Rs 97 lakh for the Lower Income Group (LIG) category. Critics argue these prices rival those offered by private developers in Navi Mumbai, who provide better amenities and homes in more developed residential societies.
Many buyers feel the pricing does not justify the quality of CIDCO homes Buyers in areas like Taloja, where 10,518 homes are located, have shown particular disinterest due to concerns over alleged pollution and water scarcity. Additionally, homes priced above Rs 74 lakh come with an added Rs 5 lakh for registration and stamp duty, further dissuading potential buyers.
CIDCO, on the other hand, maintains that its homes offer better value due to transparent pricing based on carpet area, free from the hidden costs often associated with private developers. “CIDCO is not a profit-making entity. We are committed to providing affordable housing to the common people,” said a CIDCO official.
CIDCO officials have ruled out further extensions to the application deadline, stating that an extension had already been granted.
