The City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) has leased a 1.4-acre land parcel in Navi Mumbai's Nerul to real estate firm Today Royal Developers for a one-time lease premium of ₹177.05 crore, according to property registration documents reviewed by CRE Matrix.
The land parcel, located in Sector 52A, Nerul, measures 5,785.78 sq metres and has been leased for a 60-year tenure. The transaction was registered on July 10, 2026, with the developer paying ₹7.97 crore in stamp duty.
According to the documents, the plot has been earmarked for mixed-use development, permitting both residential and commercial construction, and carries a base permissible Floor Space Index (FSI) of 1.5.
Based on the one-time premium and the plot size, the lease premium works out to approximately ₹3.06 lakh per sq metre, according to the documents.
The lease agreement stipulates a nominal annual lease rent of ₹100, in addition to the upfront premium, the documents showed.
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An email seeking comments was sent to CIDCO. The story will be updated if a response is received. Today Royal Developers could not be reached for comment.
What is leasehold land?
{{/usCountry}}An email seeking comments was sent to CIDCO. The story will be updated if a response is received. Today Royal Developers could not be reached for comment.
What is leasehold land?
{{/usCountry}}In a leasehold arrangement, homebuyers own their apartments, while the underlying land remains leased from the lessor. Consequently, the cooperative housing society does not acquire absolute ownership of the land by way of a conveyance deed.
What is freehold land?
Under the freehold land model, the developer permanently transfers ownership of the land to the housing society. The conveyance deed is executed in the society's name, giving it complete ownership rights over the land.
CIDCO's recent lease transaction
In March 2025, Godrej Properties Ltd (GPL) acquired three contiguous land parcels spanning 6.54 acres in Navi Mumbai's Kharghar area on a 60-year lease for ₹717 crore, as per property registration documents accessed by SquareYards.
The documents showed that GPL paid a stamp duty of over ₹35 crore, along with a registration fee of ₹90,000.
The agreement for the three land parcels was officially registered on March 19, 2025, according to the documents accessed by SquareYards.
The plots, measuring 6.54 acres, will offer a development potential of around 2 million sq ft, comprising premium residential apartments of varied configurations, the company had said.