When it rains, it pours, at least in this megapolis. Residents of Mumbai and its metropolitan area are about to get a housing windfall this monsoon from the City and Industrial Development Corporation (CIDCO), which has planned to raise 90,000 homes under its mega housing scheme in Navi Mumbai, as part of the Prime Minister's ambitious 'Housing for all by 2022' scheme. The affordable houses will be sold through lottery by July end or August 2019. Sanjay Chotalia, chief engineer at CIDCO (special projects), told DNA the flats are meant for economically weaker sections (EWS) and low-income groups (LIG), and will be constructed under the Pradhan Mantri Awas Yojana. "We have all the permissions in place. By the end of June, the tender for construction of these 90,000 flats will be opened, by July or August, these houses will be put up for sale through a lottery," said Chotalia. He said the prices of these houses will be 20-30% lower than those offered by private developers in the open market. "We are also making payment more flexible for buyers. The lottery winners can pay as the construction progresses. We are sure that like our last scheme of 14,000 houses, this scheme will also be a hit," he said. The announcement has caused a stir in Mumbai's pricey real estate market. But realty experts advise caution before celebration, saying that despite the impending surge in supply in the market, property prices in Navi Mumbai and adjoining areas are unlikely to show a significant correction. "There is a demand for two lakh affordable homes against a negligible supply. But the quality and location of CIDCO houses are not as desirable as those offered by private developers," said Prakash Baviskar, president of the Navi Mumbai chapter of the Maharashtra Chamber of Housing Industry (MCHI). "Private developers choose sites close to railway stations, markets and schools, and for this, people are willing to pay a premium," said MCHI's Baviskar. Nonetheless, the CIDCO scheme will boost development of the local infrastructure, he said. And industry watchers think the initiative will restore some sanity to unit pricing and offer more options for needful buyers. "There is no dearth of demand, but high property prices keep buyers away. CIDCO's affordable housing scheme will help buyers who cannot afford a private project. Be it CIDCO or MHADA, their housing lotteries have so many applicants because of the affordability factor," said Pankaj Kapoor, managing director at realty reserach firm Liases Foras, Mumbai. He said the project will bring much-needed correction in an overpriced market. Local brokers agree with Kapoor's claims. "CIDCO houses are cheaper and reasonable. There is no cheating, fraud or delay in the project. A buyer feel more confident buying a government-developed houses. In the area, government rates range in the Rs 4,500-5,000 per sq ft bracket. This ready reckoner rate varies from area to area," said Ahmad Ahearwadi, a property broker from Kharghar. He said CIDCO has been selling at Rs 6,000 per sq ft compared to Rs 9,000 per square ft price of a private developer.

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