Mumbai, July 21 -- The City and Industrial Development Corporation of Maharashtra Ltd leased a one point four acre land parcel in Sector 52A, Nerul, Navi Mumbai to Today Royal Developers for a one-time lease premium of Rs 1.7705 billion (bn), according to property registration documents reviewed by CRE Matrix. The transaction was formally registered on July 10, 2026 and the developer paid Rs 79.7 million (mn) in stamp duty at the time of registration. The lease runs for a 60-year tenure and the agreement specifies a nominal annual lease rent of Rs 100 in addition to the upfront premium.
The plot measures 5,785.78 sq metres and has been designated for mixed use development, permitting both residential and commercial construction within the approved planning framework. The base permissible floor space index is one point five and the developer will be required to comply with applicable municipal and statutory approvals during the course of development. The registration records provide the basis for calculating the effective premium and related obligations.
Based on the one-time premium and the recorded plot area, the lease premium works out to approximately Rs 0.306 mn per sq metre, a calculation set out in the documents. The registration entries also list the precise area and repeat the nominal annual rent condition, indicating a standard long-tenure lease structure used by the authority. The records were sourced from CRE Matrix and reflect official filings lodged at the time of the transfer.
The Nerul transaction follows earlier high value lease deals in the region; in March 2025 a separate agreement recorded that Godrej Properties acquired three contiguous parcels totalling 6.54 acres on a 60-year lease for Rs 7.17 bn, with stamp duty and registration fees recorded separately. The latest sale highlights CIDCO's continued policy of unlocking development potential through long-term leasehold arrangements that permit mixed use projects across Navi Mumbai. No comment was available from Today Royal Developers when the registration documents were reviewed.
Published by HT Digital Content Services with permission from Construction World.