BEST Leases Staff Quarters in Prime Mumbai Location to Boost Revenue
BEST is inviting bids from government, semi-government, and private entities to lease 35 staff quarters in the upscale Altamount Road area, aiming to raise Rs 263 crore and curb financial losses.
BestMumbaiProperty LeasingFinancial StrategyPublic SectorReal Estate MumbaiAug 08, 2025
The revenue generated from monetizing these assets is expected to provide a significant financial boost. An official from BEST stated that this move is part of a broader strategy to optimize the organization's resources and improve its financial health. However, Hussain Indorewala from the citizens' group Aamchi Mumbai Aamchi BEST has expressed concerns. He believes this move indicates that BEST is downsizing its staff and has no plans to increase the number of staff or buses, which could negatively impact commuters.
The 35 flats are divided into 15 units in the ‘A' wing and 20 units in the ‘B' wing. These flats are available on an ‘as is where is' basis for long-term residential purposes. The tender for these flats will open on August 21. According to the tender conditions, 25% of the payment must be made within 30 days from the date of the ‘letter of acceptance,' with the remaining 75% payable before the possession of all flats is handed over.
Companies are invited to bid with a base price of Rs 263 crore for leasing all 35 flats for a period of 30 years, extendable by another 30 years. The apartments are located in a building adjacent to Antilia, the residence of Reliance Industries chairman and managing director Mukesh Ambani.
The BEST aims to lease out these high-end apartments, which have served as staff quarters for decades, to fund its operations and reduce financial losses. The lessee will be responsible for maintenance and repairs and may modify the premises without increasing the built-up area. Additionally, the lessee may redevelop the property if the Brihanmumbai Municipal Corporation (BMC) certifies the need for such development during the lease period, as outlined in the tender document.
This move by BEST reflects a growing trend among public sector organizations to leverage their assets to address financial challenges. By leasing out these valuable properties, BEST hopes to secure a steady stream of revenue that can be reinvested into improving its services and infrastructure.
Frequently Asked Questions
What is the main purpose of BEST leasing out its staff quarters?
The main purpose is to raise Rs 263 crore to help curb financial losses and fund operations.
Where are the staff quarters located?
The staff quarters are located in the upscale Altamount Road area in south Mumbai.
How many flats are being leased out?
A total of 35 flats are being leased out, with 15 units in the ‘A' wing and 20 units in the ‘B' wing.
What are the payment terms for the lease?
25% of the payment must be made within 30 days from the date of the ‘letter of acceptance,' and the remaining 75% must be paid before possession is handed over.
Can the lessee redevelop the property?
Yes, the lessee can redevelop the property if the Brihanmumbai Municipal Corporation (BMC) certifies the need for such development during the lease period.
Related News Articles
Mumbai's Sky-High Ambitions: Exploring the City's Love for Skyscrapers
As Mumbai continues to grow
Mumbai Records Third-Highest Surge in Luxury Housing Prices Globally
Mumbai's prime residential prices surge 11.5% year-on-year, ranking third globally, as India's economic growth drives demand in luxury housing market.
Affordable Housing Supply Dries Up as Builders Focus on Premium Projects
The latest data from JLL India reveals a 21% decline in affordable housing supply below Rs 50 lakh, while premium projects saw a significant surge in demand.
Priyanka Chopra's Real Estate Empire: A Peek into Her Investments
Priyanka Chopra Jonas is a keen investor in the real estate space, owning multiple properties in India and the US. Here's a look at her recent transactions.
Uber and Heads Up for Tails Expand Pet-Friendly Rides in Delhi and Mumbai
Uber has partnered with Heads Up for Tails to offer pet-friendly rides in Delhi and Mumbai, making travel more convenient and comfortable for pet owners.
Blackstone and Sattva-backed REIT Files Draft Papers for ₹7000 Cr IPO
A real estate investment trust (REIT) backed by asset manager Blackstone Group and Bengaluru developer Sattva Group has filed its draft papers with the Securities and Exchange Board of India (SEBI) for a ₹7000 crore initial public offering (IPO).