CIDCO Leases Nerul Land Parcel To Today Royal Developers For Over Rs 177 Crore

The City and Industrial Development Corporation (CIDCO) has leased a prime 5,785.78 square metre land parcel in the Nerul node of Navi Mumbai to Today Royal Developers for a 60-year lease tenure. The major real estate transaction, which was officially registered on July 10, 2026, involved a massive one-time lease premium of over Rs 177 crore, highlighting the high value of land in the area.

According to official property registration documents reviewed by real estate data platform CRE Matrix, Today Royal Developers secured the development rights for Plot No. 3, which is situated in Sector 52A of Nerul. To finalize the deal, the developer paid a precise one-time lease premium of Rs 177.04 crore directly to CIDCO, in addition to a stamp duty payment of Rs 7.96 crore.

Under the terms of the registered lease deed, the annual lease rent for the prime plot has been set at a nominal rate of just Rs 100.

The acquired land parcel has a base permissible Floor Space Index (FSI) of 1.5. The plot has been earmarked specifically for a mixed-use development, meaning the developer is authorized to build a project that integrates both residential units and commercial spaces.

This transaction highlights the ongoing, robust demand for strategically located land parcels throughout Navi Mumbai. Developers are actively seeking and acquiring land in the region to launch new projects, capitalising on improving infrastructure connectivity and steady housing demand. Nerul remains one of the most prominent residential and commercial hubs in Navi Mumbai, benefiting from its close proximity to key transport corridors and upcoming infrastructure developments.

The arrangement follows CIDCO's established long-term lease framework, which is the standard method for land allotments in Navi Mumbai. This system allows developers to undertake substantial mixed-use projects while adhering to the planning authority's long-term development guidelines.