Cidco

Boost for Navi Mumbai metro project with financial closure for line 1

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

Adani Enterprises hits new high on financial closure of Navi Mumbai airport

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

Rly ministry has approved rolling stock for Navi Mumbai metro: CIDCO

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

CIDCO moves to fast-track Navi Mumbai airport area development

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.

Godrej Properties emerges as highest bidder for two plots in Navi Mumbai

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

Stalled Navi Mumbai airport to take off with fresh fund infusion by Adani

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

Bidvest moves Delhi HC against GVK, investors in airports holding firm

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.

CBI probe, funds crunch, ratings downgrade: The many troubles of GVK Group

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

Prove financial capability: Cidco puts GVK in dock over Navi Mumbai airport

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.

Cidco wants to check GVK's Navi Mumbai airport stake sale for breaches

Will comply with authority's conditions, says GVK

Cidco sells 7 Navi Mumbai plots at double the reserve price, nets Rs 386 cr

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

After violating MahaRera rules, Cidco advertises 11 housing projects

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

Cidco clears Mukesh Ambani's industrial city in Navi Mumbai

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

Navi Mumbai Airport: Cidco readies for project take-off

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