CIDCO Leases Nerul Plot To Today Royal Developers For ₹177-Crore Premium

Mumbai, July 16: The City and Industrial Development Corporation (CIDCO) has leased a prime land parcel in Navi Mumbai's Nerul node to Today Royal Developers for a one-time premium of over Rs 177 crore, according to property registration documents reviewed by CRE Matrix.

Prime Nerul Plot Leased

The transaction involves Plot No. 3 in Sector 52A, Nerul, spread across 5,785.78 square metres. The lease deed was registered on July 10, 2026, with Today Royal Developers acquiring the development rights from CIDCO for a 60-year lease tenure.

As per the registered document, the developer paid a one-time lease premium of Rs 177.04 crore, along with stamp duty of Rs 7.96 crore. The annual lease rent has been fixed at a nominal Rs 100.

The plot has a base permissible Floor Space Index (FSI) of 1.5 and has been earmarked for mixed-use development comprising residential and commercial components.

Demand For Navi Mumbai Land

The transaction reflects continued demand for strategically located land parcels in Navi Mumbai, where developers are actively pursuing projects amid improving infrastructure connectivity and sustained housing demand.

Nerul remains one of the city's established residential and commercial hubs, benefiting from its proximity to key transport corridors and upcoming infrastructure projects.

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According to CRE Matrix, the lease structure allows the developer to undertake a mixed-use project on the plot while operating under CIDCO's long-term lease framework, which is commonly followed for land allotments in Navi Mumbai.

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