India, April 9 -- In a major crackdown, the City and Industrial Development Corporation (CIDCO) has cancelled the allotment of 16 plots as the buyers had failed to complete construction on these plots within the stipulated four-year period. CIDCO, the planning and development agency for Navi Mumbai, has begun taking back possession of these plots, collectively measuring 62,000 sq m, as the buyers have failed to respond to notices.

The plots are located in Airoli, Kopar Khairane, Vashi, Nerul, Belapur, Kharghar and Dronagiri. Their total market value is estimated at around Rs.2,000 crore.

All land in Navi Mumbai is auctioned under the Navi Mumbai Disposal of Lands (Amendment) Regulations, 2008. While CIDCO retains ownership, it signs an ...