CIDCO makes major provision of eleven thousand crores in its budget for various projects The CIDCO Board of Directors accorded approval of budget for the financial year 2019 – 20. The provision of Rs. 11 thousand crores has been made in the budget for various projects proposed for Navi Mumbai and New Towns. The budget was prepared on the basis of revenue, expenditure and deficit expected during the period from 1 st April, 2019 to 31st March, 2020 and the data provided by the various departments of the Corporation. As per the budget, the Corporation has estimated the revenue of Rs. 7797 Crores; an expenditure of Rs. 11260.17 Crores and the deficit of Rs. 3462.63 Crores during the financial year of 2019-20. CIDCO, a leading corporation in the field of urban development and planning, is celebrating its golden jubilee in the year 2019-20.
The budget has the provision for CIDCO’s ambitious projects that are either proposed or on the way of implementation in the near future. The various projects related to urban development like Navi Mumbai International Airport, Navi Mumbai Metro, Nerul-Uran Railway, Housing Scheme of 89,771 tenements based on the concept of Transit Oriented Development, Palghar District Headquarter, Kharghar Cultural Complex etc. are going to take shape in the near future. The two major factors- the cost to be spent for the projects and the compensation to be given to the PAPs- are considered while preparing the budget and so the provision of Rs. 11 thousand crores has been made. “Due to the major provision of Rs. 11 thousand crores for CIDCO’s various projects it would be possible to implement these projects within a stipulated time period”, said Shree Lokesh Chandra, VC & MD, CIDCO. As of now, some major projects are on the fast track. 93% of pre-development works of NMIA have been completed while 83% work of migrating the airport PAPs has been completed. The trial of metro railway is expected to be conducted on line No. 1- Belapur to Pendhar in November, 2019. The suburban local service has started between Nerul to Kharkopar stations on Nerul-Uran rail corridor. Under the housing scheme based on Transit Oriented Development, 89,771 tenements are proposed to be built at bus and truck terminals and railway station forecourt areas in various nodes of Navi Mumbai. This will help people to reduce the time of travelling. CIDCO will develop the Palghar District Headquarter and the major administrative buildings there and the new town of Palghar under its Palghar District Headquarter and Palghar New Town project. CIDCO has proposed the cultural complex, consisting of Art Gallery, Museum and Centre for Performing Arts at Kharghar for enriching the socio-cultural ethos of Navi Mumbai.