Application Process and Eligibility Criteria for the CIDCO Lottery

CIDCO Lottery

The CIDCO Lottery City and Industrial Development Corporation (CIDCO) was founded on March 17, 1970, by the Maharashtra government to construct a satellite town for Navi Mumbai. It is currently a Special Planning Authority that plans and builds mega-scale infrastructure and municipal services in order to establish new communities.

CIDCO Lottery

CIDCO will hold a lottery to distribute 90,000 affordable houses in Navi Mumbai. The programme will begin in July 2019 and end in August 2019. Panvel, Taloja, Kharghar, Kharkopar, Kalamboli, and Ulwe are among the likely regions to be defined under the programme. A total of 90,000 affordable dwellings will be put on the market, with 37,000 going to Low-Income Groups (LIG) and 53,000 going to the Economically Weaker Sections (EWS).

EWS houses will have a carpet space of 25.81 square metres, whereas LIG dwellings will have a carpet area of 29.82 square metres. The lottery winners will be notified the next month and will be expected to make payments once the house building begins. CIDCO announced a similar lottery programme for 1,100 affordable dwellings at the start of 2019 and got 50,000 applications.

 

Criteria for Eligibility

To prevent additional difficulties and rejections, potential purchasers should review eligibility conditions before entering the lottery programme.

Economically Weaker Section (EWS) – This plan is for households with an average monthly income of less than INR 25,000. The residences that would be built under this lottery plan are expected to cost between INR 17 and INR 19 lakhs. CIDCO will hold a 5,000 INR deposit as an earnest money deposit for EWS homes.

Low Income Group (LIG) houses are available to households with an average monthly income of INR 25,000 to INR 50,000. The residences that would be built under this lottery plan are expected to cost between INR 25 and INR 27 lakhs. CIDCO will hold a deposit of INR 25,000 as an earnest money deposit for LIG homes.

 


You can also read this article New Upcoming Projects in CIDCO Navi Mumbai


 

What does an Earnest Money Deposit entail?

The earnest-money deposit is a negotiated sum between the buyer and seller that often ranges from 1% to 2% of the purchase price of the property. The seller keeps this deposit as a credit against the down payment and closing fees.

 

The application procedure is as follows:

– Visit the CIDCO website at “https://cidco.maharashtra.gov.in/”.

– Join the “Lottery Scheme 2019” by registering.

– Fill out the “Applicant Registration Form” with your basic information.

– Then, along with your photo, submit your PAN card, Aadhaar card, bank data, and cancelled check.

– You may verify the approval of your uploaded papers after confirmation.

– Then, from the drop-down option, choose the scheme you want.

– Print the confirmation slip and sign it at the appropriate locations, after which you must scan the receipt and upload it to the site.

– You will then be sent to the payment page, where you must pay online via NEFT/RTGS/Net Banking/Debit Card, among other options. This will bring your application to a close.

 

Checking the Status of an Application:

– Go to CIDCO’s official website (https://cidco.maharashtra.gov.in/).

– From the live bulletin updates, choose the tab “CIDCO Lottery 2019.”

– Select your desired area from the list of options.

– If your application has been accepted by CIDCO, look for your name on the list.

– Finally, if your application is chosen as one of the lottery’s winners, your name will be listed in the winners list the following month.

 


 

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Disclaimer: The views of this expressed above are for informational purposes only based on the industry reports & related news stories. Navimumbaihouses.com does not guarantee the accuracy of this article, completeness, or reliability of the information & shall not be held responsible for any action taken based on the published information.
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