City and Industrial Development Corporation of Maharashtra Limited (CIDCO) has leased 1.4 acres of land in Nerul, Navi Mumbai to real estate firm Today Royal Developers at a lump sum lease premium. ₹177.05 crore, according to property registration documents reviewed by CRE Matrix.
Located in Sector 52A, Nerul, the land parcel measures 5,785.78 square meters and has been given on lease for a tenure of 60 years. The transaction was registered with payment by the developer on July 10, 2026 ₹Rs 7.97 crore in stamp duty.
As per the documents, the plot is earmarked for a mixed-use development, with both residential and commercial construction permitted, and a base permissible floor space index (FSI) of 1.5.
Depending on the lump sum premium and the size of the plot, the lease premium comes to approximately ₹As per documents, Rs 3.06 lakh per square metre.
The lease agreement sets out the nominal annual lease rent. ₹100, in addition to the advance premium, documents showed.
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An email was sent to CIDCO seeking comments. Story will be updated upon response. Royal Developers could not be reached for comment today.
What is leased land?
In a leasehold arrangement, home buyers own their apartments, while the underlying land remains on lease from the lessor. As a result, the co-operative housing society does not acquire full ownership of the land through the conveyance deed.
What is freehold land?
Under the freehold land model, the developer permanently transfers the ownership of the land to the housing society. The conveyance deed is executed in the name of the society, giving it full ownership rights over the land.
Recent Lease Transactions of CIDCO
In March 2025, Godrej Properties Limited (GPL) acquired three contiguous land parcels spanning 6.54 acres in the Kharghar area of Navi Mumbai on a 60-year lease. ₹717 crore, according to property registration documents obtained by SquareYards.
Documents revealed GPL paid more than stamp duty ₹Rs 35 crores including registration fees ₹90,000.
According to documents obtained by SquareYards, the agreement for the three land parcels was officially registered on March 19, 2025.
The company had said that the 6.54-acre plot will provide development potential of approximately 2 million sq ft, comprising premium residential apartments of various configurations.
Also read: Maharera pulls up CIDCO on Kharghar project after housing lottery winner complains of cut in facilities, mismatch in area
