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The City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) has leased a 1.4-acre land parcel in Navi Mumbai's Nerul to real estate firm Today Royal Developers for a one-time lease premium of ₹177.05 crore, according to property registration documents reviewed by CRE Matrix. The deal allows for mixed-use development on the site.
Deal Details
The land parcel, located in Sector 52A, Nerul, measures 5,785.78 sq metres and has been leased for a 60-year tenure. The transaction was registered on July 10, 2026, with the developer paying ₹7.97 crore in stamp duty. Based on the one-time premium and plot size, the lease premium works out to approximately ₹3.06 lakh per sq metre, according to the documents. The lease agreement also stipulates a nominal annual lease rent of ₹100, in addition to the upfront premium.
- Location: Sector 52A, Nerul, Navi Mumbai
- Plot size: 5,785.78 sq metres (~1.4 acres)
- Lease tenure: 60 years
- One-time lease premium: ₹177.05 crore
- Stamp duty: ₹7.97 crore
- Per-sq-metre lease premium: ~₹3.06 lakh
- Base permissible FSI: 1.5
What's Planned for the Site
According to the documents, the plot has been earmarked for mixed-use development, permitting both residential and commercial construction, and carries a base permissible Floor Space Index (FSI) of 1.5. An email seeking comment was sent to CIDCO, and the story will be updated if a response is received; Today Royal Developers could not be reached for comment.
Also Read: Maharashtra Cuts Stamp Duty on 99-Year Housing Leases
Leasehold vs Freehold: What's the Difference?
In a leasehold arrangement, homebuyers own their apartments, while the underlying land remains leased from the lessor, meaning the cooperative housing society does not acquire absolute ownership of the land through a conveyance deed. Under the freehold model, by contrast, the developer permanently transfers land ownership to the housing society, with a conveyance deed executed in the society's name, giving it complete ownership rights over the land.
A Pattern of CIDCO Land Leases
This isn't CIDCO's only recent high-value lease transaction. In March 2025, Godrej Properties Ltd (GPL) acquired three contiguous land parcels spanning 6.54 acres in Navi Mumbai's Kharghar area on a 60-year lease for ₹717 crore, as per property registration documents accessed by SquareYards. GPL paid a stamp duty of over ₹35 crore, along with a registration fee of ₹90,000, with the agreement registered on March 19, 2025. Those plots offer a development potential of around 2 million sq ft, comprising premium residential apartments of varied configurations, the company had said.
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