Maharashtra Invites Bids for 98-Year Lease of ST Bus Depot Lands
The Maharashtra government will soon invite tenders to develop state transport (ST) bus depots across the state through a 98-year lease. The lease will initially be for 49 years, with an option to extend for another 49 years, said Pratap Sarnaik, Minister of Transport, Maharashtra.
The Maharashtra State Road Transport Corporation (MSRTC) holds over 13,000 acres of land at strategic locations across the state, including Kurla and Borivali in Mumbai, as well as other towns. The government plans to offer these land parcels for long-term development to improve transport infrastructure and urban mobility.
“In order to develop these lands and the bus depots, the government has decided that these depots will be offered on a long-term lease of 98 years, an increase from the earlier 30-year period. These ST Bus Depots will be developed as Bus Ports, similar to those in Gujarat,” Sarnaik said at a NAREDCO conference.
According to him, the extension of the lease period is aimed at attracting long-term investment from developers and ensuring that these depots are equipped with modern facilities. Sarnaik also mentioned that a Pod Taxi service will soon start operations in the Bandra-Kurla Complex and will expand to other parts of the Mumbai Metropolitan Region, including Mira-Bhayandar and Thane.
The minister emphasized that the government is committed to comprehensive development across sectors. He expects real estate development to grow in semi-urban and rural areas as part of efforts to support affordable housing and balanced regional growth.
“The real estate sector is estimated to be growing at 12%, but in reality, it will grow by 15%, registering an unprecedented growth. Further, a relief in GST rates on cement, bricks will reduce the costs of affordable housing,” said Niranjan Hiranandani, Chairman, NAREDCO India.
Hiranandani said the real estate sector in the Mumbai Metropolitan Region will benefit from 300 km of metro lines in four years, improved connectivity, new airports, and ports. He also called for easier business processes, lower development charges, and reforms to support the sector.
According to Sarnaik, involving private developers in the long-term lease of ST Bus Depots will not only modernize the transport network but also provide opportunities for integrated development around these land parcels. He called on real estate developers to participate in the tenders and contribute to transforming these strategic locations into transport hubs.
