Cidco signs 60-year lease pact with Today Royal Developers for ₹177 crore

The Navi Mumbai plot in Nerul, secured through Cidco's e-tender process, will be developed for residential and commercial use under a 60-year lease agreement

City and Industrial Development Corporation of Maharashtra (Cidco) has signed a 60-year lease agreement with realty firm Today Royal Developers for a plot in Navi Mumbai at a one-time premium of Rs 177.04 crore.

 

According to deal-related documents accessed through CRE Matrix, a real estate data analytics firm, the state agency has inked the pact for a plot admeasuring 5,785.78 square metres in Nerul.

 

The plot is permitted to be used for residential and commercial real estate development. The developer secured the plot through Cidco's e-tender process, where it emerged as the highest bidder by quoting a price of Rs 3.06 lakh per square metre.

   

Email queries sent to Cidco and Today Royal Developers remained unanswered.

 

The deal involves a base permissible floor space index (FSI) of 1.5. The annual lease rent is Rs 100. The developer has paid stamp duty of Rs 7.96 crore for the transaction, which was registered on July 10, 2026.

 

Further, Nerul is an emerging premium micro-market in the Mumbai Metropolitan Region (MMR). The average property price in the area stood at Rs 19,216 per square foot as of June 2026, compared with Rs 17,827 per square foot as of March 2026, according to Housing.com, a proptech platform.

 

Today Royal Developers, based in Navi Mumbai, has completed 16 projects and is working on six. Its upcoming pipeline includes six residential and commercial projects.

 

Cidco, meanwhile, has been developing major infrastructure projects across Navi Mumbai, including the Navi Mumbai International Airport (NMIA), Navi Mumbai Metro and Navi Mumbai Airport Influence Notified Area (Naina), accelerating real estate demand in the satellite city.

 

Earlier, Navi Mumbai recorded sales of 11,029 units in the second quarter of calendar year 2026 (Q2 CY26), up 61 per cent year-on-year and 54 per cent quarter-on-quarter, according to NSE-listed real estate data analytics firm PropEquity.