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 The Formation of CIDCO
The board recommended that the new metro-centre or Navi Mumbai as it is now called, be developed to accommodate a population of 21 lacs. The recommendation was accepted by the government of Maharashtra. Accordingly, the City and Industrial Development Corporation of Maharashtra Limited was incorporated on 17th March 1970 under the Indian Companies Act, 1956. By February 1970 the government notified for acquisition of privately owned land covering 86 villages and admeasuring 15,954 ha. within the present limits of Navi Mumbai. Land belonging to further 9 villages, admeasuring 2,870 ha. was additionally designated in August, 1973 for inclusion in the project area. In March, 1971 CIDCO was designated the New Town Development Authority for the project. In October, 1971 CIDCO undertook to prepare and publish a Development Plan as required by the Maharashtra Regional and Town Planning Act (1966).
The corporation started functioning as a company fully owned by the State Government with initial subscribed capital of Rs. 3.95 crores from the government. It was entrusted with developing necessary social and physical infrastructure and was also entitled to recover all cost of development from sale of land and constructed properties.
The growth of Navi Mumbai was aimed at decongesting Mumbai in respect of both population and commercial activities by shifting industries, market and office activities making the new city sustainable physically, economically and environmentally. The new city projected to accommodate 2 million people and 7,50,000 jobs in next three decades.The impact of Navi Mumbai on the growth of Mumbai was reflected in 1980s. The 1991 Census recorded a 10 percent decrease in population growth rate for Greater Mumbai, compared to the previous decade. For the island city (a part of Greater Mumbai) growth in the decade of 1980s was negative for the first time. The reason for this phenomenon can partly be attributed to the growth of extended suburbs, and partly to Navi Mumbai which provided an alternative path to growth.
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