CIDCO inks 60-year lease for 1.4-acre land in Navi Mumbai's Nerul at ₹177 crore premium

CIDCO leased a 1.4-acre land parcel in Sector 52A, Nerul, Navi Mumbai to Today Royal Developers for 60 years.

The one-time lease premium is ₹177.05 crore, with stamp duty of ₹7.97 crore paid by the developer.

The plot is earmarked for mixed-use development (residential and commercial) with a base FSI of 1.5.

The lease premium works out to approximately ₹3.06 lakh per sq metre based on the plot size of 5,785.78 sq metres.

A nominal annual lease rent of ₹100 is stipulated in addition to the upfront premium.