Maharashtra Govt to Tender 3,360 Acres for Real Estate Development
The government of Maharashtra is set to issue around 150 to 160 separate tenders to develop 3,360 acres of land belonging to the Maharashtra State Road Transport Corporation (MSRTC). The land, located in both urban and rural areas, will be developed with
MaharashtraReal EstateMsrtcLand DevelopmentHafeez ContractorReal Estate MaharashtraFeb 12, 2025
State Transport Minister Pratap Sarnaik made the announcement at NAREDCO's NextGen conclave in Mumbai.
Sarnaik emphasized that the land is spread across both urban and rural areas, and he urged developers to consider semi-urban and rural regions in their plans.
Eminent architect Hafeez Contractor has been brought on board to develop the overall plan for the land bank belonging to MSRTC.
While the exact amount of land located in major cities like the Mumbai metropolitan region, Pune, and Nagpur is not yet clear, these areas are significant real estate markets in the state and India.
MSRTC will be designated as a planning authority, responsible for sanctioning development plans under one roof.
The technical team at MSRTC will undergo capacity building to ensure smooth implementation.
Sarnaik also highlighted that while some parcels of land in areas like Lonavala, Khandala, and Mahabaleshwar fall within eco-sensitive 'no development' zones and forest areas, the majority of the land will be available for development under the current development control rules.
Under the new rules, developers will benefit from an increased floor space index, which allows for more permissible area to be built on a land parcel, enhancing the potential for real estate development.
This initiative is expected to boost the real estate market in Maharashtra, particularly in cities like Pune and Nagpur, which are already significant players in the sector.
The development of MSRTC land could provide a much-needed boost to the state's economy, creating new opportunities for growth and investment.
Frequently Asked Questions
How much land is MSRTC planning to develop?
MSRTC is planning to develop around 3,360 acres of land.
How many tenders will be issued for the development?
Around 150 to 160 separate tenders will be issued.
Who is Hafeez Contractor and what is his role in this project?
Hafeez Contractor is an eminent architect who has been roped in to develop the plan for the MSRTC land bank.
Which cities are included in the development plan?
The exact quantum of land in cities like the Mumbai metropolitan region, Pune, and Nagpur is not yet clear, but these areas are significant real estate markets.
What is the floor space index and how will it benefit developers?
The floor space index (FSI) is the permissible area allowed to be built on a land parcel. Under the new development control rules, developers will have more FSI, allowing for more real estate development.
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