Maharashtra Government Plans to Lease 13,000 Acres of MSRTC Land for 98 Years
The Maharashtra government is set to lease nearly 13,000 acres of land belonging to the MSRTC for 98 years, aiming to boost real estate development and modernize bus depots across the state.
Real EstateMsrtc LandBus DepotsMumbaiAffordable HousingReal Estate MaharashtraSep 27, 2025
Sarnaik made the announcement while inaugurating the three-day Homethon Property Expo 2025 at the Geo World Convention Center in Mumbai. The event has been organized by the Maharashtra chapter of the National Real Estate Development Council (NAREDCO). Actor and Rugby India President Rahul Bose and NAREDCO India President Dr Niranjan Hiranandani were among the dignitaries present.
According to Sarnaik, the model of development will draw inspiration from Gujarat, where similar land parcels have been transformed into modern bus depots and commercial spaces. He urged developers across Maharashtra to participate in the ambitious project. The minister also revealed that pod taxis will soon be introduced in the Bandra-Kurla Complex and later expanded to Mira-Bhayander, Thane, and other parts of the Mumbai Metropolitan Region.
Rahul Bose, addressing the gathering, appealed for greater focus on low-cost housing so that all income groups can enjoy a dignified standard of living in Mumbai’s challenging urban environment. He emphasized the importance of making housing affordable for everyone, especially in a city as densely populated as Mumbai.
Dr Hiranandani expressed optimism about the sector’s trajectory, predicting real estate growth at 15 percent despite official estimates of 12 percent. He also stressed that lowering the GST on cement and bricks could further reduce housing costs. With 300 km of metro lines set to become operational in the next four years, coupled with new airports and ports, Hiranandani said infrastructure growth would directly fuel real estate opportunities.
NAREDCO leaders echoed the sentiment, calling for reforms in permits and charges to unlock the sector’s full potential. NAREDCO Maharashtra President Prashant Sharma underlined the theme Reimagining Maharashtra: Global Alliances to Local Impact, while Vice President Rajan Bandelkar urged the industry to focus more on strengthening affordable housing. The event brought together key stakeholders from the real estate sector, highlighting the potential for significant growth and development in the coming years.
Frequently Asked Questions
What is the main purpose of leasing the MSRTC land?
The main purpose of leasing the MSRTC land is to develop modern bus depots and commercial spaces, which will boost real estate development and improve public transportation infrastructure.
How long will the land be leased for?
The land will be leased for 98 years, replacing the earlier 30-year limit.
Where are the land parcels located?
The land parcels are located in Mumbai’s Kurla and Borivali, as well as several other cities in the state of Maharashtra.
What is the Homethon Property Expo 2025?
The Homethon Property Expo 2025 is a three-day event organized by the Maharashtra chapter of the National Real Estate Development Council (NAREDCO), aimed at promoting real estate opportunities and development in the state.
What are the expected benefits of lowering the GST on cement and bricks?
Lowering the GST on cement and bricks is expected to reduce housing costs, making it more affordable for all income groups and accelerating the development of low-cost housing projects.
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