Mumbai, March 16 -- The City and Industrial Development Corporation (CIDCO) has invited proposals from developers to lease and develop a large land parcel at Kelwe Road in Palghar for a planned residential township. The corporation has issued an Expression of Interest (EOI) for the development of 51.24 hectares of land, a tract larger than Vatican City, the world's smallest independent country, which spans about 44 hectares. According to the EOI document, the project aims to support the growth of industrial activity in the region by creating residential facilities for workers and employees of nearby industries. The initiative is also expected to contribute to the development of the broader region often referred to by Chief Minister Devendra Fadnavis as "Mumbai 4.0". CIDCO officials said the land will be offered on a 60-year long-term lease on an "as is where is" basis. The land currently falls under an agricultural zone as per the Thane-Palghar-Raigad regional plan. However, it has been identified for potential township development given its strategic location and proximity to emerging industrial areas. The EOI states that preference is likely to be given to industrial houses willing to invest in industries in the region and develop housing facilities for their employees and labourers near the workplace. To qualify, developers must demonstrate strong financial and technical capabilities. Applicants are required to have an average annual turnover of at least Rs.2,000 crore over the past three years and a minimum net worth of Rs.1,000 crore. They must also have experience in developing large-scale industrial township projects and should have completed projects worth at least Rs.800 crore....