By Accommodation Times News Service
The City and Industrial Development Corporation (Cidco) has finalized the Navi Mumbai Airport Influence Notified Area (NAINA) model for developing the 600 sq km land area, comprising 270 villages. This model details the financial viability of the city project and will be submitted to the state government for its approval.
The state government had appointed Cidco as the special planning authority for (Naina) in January last year, following the development of the airport.
The Cidco board meeting gave finishing touches to the financial model that will be forwarded to the state government soon, said sources.
Naina model requires the participation of people who will get developed spaces, along with compensatory floor space index (FSI), in return for the land they give up.
The scheme involves surrendering 40% land to the authority ‘free of cost’ and retaining 60% with FSI of 1.7 for commercial use. Cidco will get a share of 15% land to fund city and peripheral level infrastructure.