Maharashtra Invites Realty Firms for Development of 13,000 Acres of MSRTC Land

The Maharashtra government has asked real estate firms to take part in developing 13,000 acres of land owned by the Maharashtra State Road Transport Corporation (MSRTC). As per the news reports, the projects will be taken up under a public-private partnership on a build-operate-transfer (BoT) basis.

Tenders and Lease Terms

Transport Minister and MSRTC Chairperson Pratap Sarnaik said about 150 tenders will be released next month. The land will be given on lease for 98 years, compared to the earlier 30-year period. Existing bus depots are planned to be rebuilt as bus ports.

Prime Locations Across Cities

MSRTC land is spread across important areas in the Mumbai Metropolitan Region, such as Mumbai Central, Kurla, Vidyavihar, Borivali, Chinchbunder and Thane. In Pune, land is available at Swargate and Sangvi. Nashik and Nagpur also have identified parcels. Tourist locations, including Lonavala-Khandala and Mahabaleshwar, are part of the land bank.

Scope of Projects

The plan includes space for offices, hotels, shopping centres, retail outlets and hospitals at the district level. Developers will also create facilities for MSRTC operations. A single-window system will be used for clearances, and MSRTC’s technical team will be expanded to handle the process.

Rules for Development

Developers will be given floor space index (FSI) as per the Unified Development Control and Promotion Regulations (UDCPR). Selection will be based on the premium quoted by developers. UDCPR provides a standard framework for building rules across Maharashtra.

Financial Status of MSRTC

As per the reports, MSRTC has been struggling with losses. Its accumulated loss stood at ₹10,324 crore in FY24, compared with ₹4,603 crore in FY19. The corporation has managed to report profits in only eight out of the last 45 years, according to a white paper released in June.

Read More: UP RERA Clears 21 Projects Worth ₹7,035 Crore Across Uttar Pradesh!

Conclusion

Through this, the government seeks to generate revenue from MSRTC’s unused land while redeveloping bus depots and opening up urban and tourist sites for new projects.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.