The City and Industrial Development Corporation of Maharashtra (CIDCO) has completed a significant land lease transaction in Navi Mumbai's Nerul area. According to property registration documents accessed by CRE Matrix, Today Royal Developers secured a 60-year lease for Plot No. 3 in Sector 52A, Nerul Node, measuring 5,785.78 square metres (about 1.43 acres). The lease deed was registered on July 10, 2026, marking a major development in Navi Mumbai's land monetisation strategy. The developer secured the plot through CIDCO's e-tender process, where it emerged as the highest bidder by quoting a price of ₹3.06 lakh per square metre.
The transaction involved a substantial financial commitment from the developer. As reported by CRE Matrix, Today Royal Developers paid a one-time lease premium of ₹177.04 crore, while the annual lease rent has been fixed at ₹100. The deal also attracted stamp duty of ₹7.96 crore, translating to a lease premium of around ₹3.06 lakh per sq m of land. This premium reflects the growing appetite among developers for strategically located land parcels in Navi Mumbai.
The land parcel has been earmarked for mixed-use development, allowing both residential and commercial construction. According to the lease documents, the plot has a base permissible Floor Space Index (FSI) of 1.5, determining the amount of built-up area that can be developed on the site. The project is expected to come up in Nerul, one of Navi Mumbai's established residential micro-markets that has witnessed increasing developer interest due to improving infrastructure and connectivity.
The transaction highlights the growing developer interest in Navi Mumbai, where major infrastructure projects are expected to drive demand. As reported by CRE Matrix, the deal comes amid an active phase of land monetisation by CIDCO, which has been auctioning prime residential, commercial and mixed-use plots across Navi Mumbai. Earlier this month, CIDCO launched an e-auction of 83 leasehold plots across locations including Kharghar, Ulwe, Kalamboli, Taloja, Kamothe, Ghansoli and New Panvel, covering residential, commercial and warehousing uses. Nerul is an emerging premium micro-market in the Mumbai Metropolitan Region (MMR), with average property prices standing at ₹19,216 per square foot as of June 2026, compared with ₹17,827 per square foot as of March 2026, according to Housing.com.
The transaction follows a series of high-value land transactions in Navi Mumbai over the past two years. According to CRE Matrix reports, in one of the biggest deals, a 10-acre plot in Kharghar attracted a record bid of around ₹2,120 crore, translating to nearly ₹5 lakh per sq m. CIDCO is also expanding its industrial and logistics footprint, having invited bids for the first phase of its proposed 925-acre Integrated Logistics Park at Pushpak Node in May. The development authority continues its land monetisation strategy through competitive bidding processes across Navi Mumbai's emerging growth corridors. Navi Mumbai recorded strong sales performance with 11,029 units sold in Q2 CY26, representing a 61% year-on-year increase and 54% quarter-on-quarter growth, according to PropEquity data.
