Tenders for the project have already been floated, and construction is expected to start after the monsoon. The first batch of flats are expected to completed within one year, according to officials.

The project includes construction of flats with a maximum area of 440 sq feet. These flats will be sold at a rate of Rs 700-900 per sq feet, depending on the size and location of the apartment. Bookings for the flats will open shortly.

The decision of the corporation is likely to hit the already tottering real estate industry in the township hard. A large number of flats are lying unsold in various areas like Khar Ghar, Kalamboli and other parts of Navi Mumbai. A large number of private constructions have also been stopped for lack of response from theindustry and crores of rupees worth of investment are lying idle.

The ambitious Seawoods Estate project, originally planned as an exclusive complex for Non Resident Indians, has been waiting for takers for months. The highly publicised Megha Fest last August had also drawn a poor response.

Though the Unit Trust of India stepped in and bought nearly 300 flats, nearly 200 remain to be sold, sources said.

Concerned over the slump in the sale of flats, CIDCO brought out a scheme called `Manpasand' late last year, which offered a buyer the advantage of buying a flat of his choice. ``On payment of the initial 15 per cent of the price, the buyer receives a letter of allotment. He can take possession of the flat after he remits the rest of the amount in three installments in three months,'' said B R Gadhe, marketing manager of the corporation.

This scheme has helped CIDCO sell off more than 3,000 flats in the last six months through registered members, and is now open to the public with flats available atNerul, Koperkhairane, Airoli, Kalamboli and other places. The corporation also plans to set up an industrial park at Kalamboli through a joint venture with a private collaborator. Land in the park will be priced up to Rs 1,500 a sq metre.