India, April 9 -- The City and Industrial Development Corporation (CIDCO), the Special Planning Authority (SPA) for Navi Mumbai, near Mumbai, has cancelled the allotment of 16 plots valued at Rs.2,000 crore. According to a Hindustan Times report, the action targets developers and buyers who failed to commence construction on these plots despite multiple extensions and notices.

CIDCO had allotted these land parcels for residential and commercial development. However, since no construction activity has taken place, the authority has taken back control of the plots.

Here are five key things to know about CIDCO's decision to cancel the 16 plot allotments:

Under the Navi Mumbai Disposal of Lands (Amendment) Regulations, 2008, CIDCO leases l...