CIDCO

The process of financial closure for line number 1 of the upcoming Navi Mumbai metro project has been completed with the signing of an agreement between CIDCO and ICICI Bank for the Rs 500 crore line of credit, a release said on Wednesday. Navi Mumbai Metro Line 1 project is a three-coach metro train. The 11.1-km Belapur to Pendhar stretch of the project comprises 11 stations. "City and Industrial Development Corporation (CIDCO) signed an agreement for the industrial line of credit for Rs 500 crore with the Industrial Credit and Investment Corporation of India (ICICI). With this, the financial closure process for the metro line no. 1 project has been completed," CIDCO said in a release. Speaking about the major milestone, CIDCO vice chairman and MD Sanjay Mukherjee said the works on line number 1 of the project will be expedited. "Due to the Rs. 500 crore line of credit facility from ICICI Bank, the works of Line no. 1 will be expedited and it will be possible to travel on this lin

State Bank of India (SBI) has underwritten the entire debt requirement of Rs 12,770 crore for the NMIA Project

The railway ministry has approved train coaches and electrical systems for the Navi Mumbai Metro, CIDCO said.

Town planning authority CIDCO on Sunday asked land owners who come within NAINA, to submit consent letters as soon as possible to fast-track development plans in the area.

Spread over nearly 1.5 acres, this project will offer approximately 400,000 square feet of development potential

Project has been under planning for past 15 years but failed to close financially as GVK group, from whom Adani is taking over, is neck deep in problems

The lawsuit, filed on Monday, comes at a time when the Union government is seeking foreign direct investment in India, promising ease of doing business to overseas investors.

This comes at a time when the GVK group is already fighting multiple battles.

Cidco's queries to GVK group on its financial health comes as the latter has been unable to secure funds from banks and start work on the project.

Will comply with authority's conditions, says GVK

At a time when the real estate sector is passing through difficult times, Cidco has managed to garner Rs 386 crore from selling 10 plots in Navi Mumbai within a few days. The City and Industrial Development Corporation (Cidco), which is the planning body for Navi Mumbai, had put on block 10 plots across Airoli, Vashi, Kharghar and New Panvel (West) for residential and commercial development. On December 6, the authority sold its five plots-- three in Airoli and two in Vashi -- for Rs 229 crore, which is almost four times higher than the reserve price. The authority on Tuesday netted another Rs 157 crore from the remaining five plots, which was more than double the base price. It may be noted that the Mumbai Metropolitan Region Development Authority, which too is sitting on a huge land bank in the plush BKC area, has not been able to sell its plots since the past many years due to poor market. From the three Airoli plots Cidco fetched Rs 121.6 crore, while form the tw

On August 11, Cidco had announced 14,838 affordable homes under the Pradhan Mantri Awas Yojna

Ambani and Jai Corp had also planned to set up another SEZ, Mahamumbai, in Raigarh district

Work expected to begin next month as state govt sets 2019 deadline