Maharashtra Invites Property Developers to Transform 3,360 Acres of State Bus Corp Land
The state of Maharashtra has extended an invitation to real estate companies to develop commercial and residential projects on a vast 3,360 acres owned by the Maharashtra State Road Transport Corporation (MSRTC).
MaharashtraReal EstateMsrtcLand DevelopmentPublicprivate PartnershipReal Estate MaharashtraFeb 12, 2025
These land parcels will be developed under public-private partnerships, following a build-operate-transfer (BOT) model.
The government plans to issue about 150 tenders, as announced by Pratap Sarnaik, the transport minister and chairperson of MSRTC, at the NAREDCO NextGen Conclave 2025 in Mumbai on Wednesday.
MSRTC owns 26 acres in prime locations within the Mumbai Metropolitan Region (MMR), including areas like Mumbai Central, Kurla, Vidyavihar, and Chinchbunder.
In Pune, the corporation holds about 24 acres, particularly in key locations such as Swargate and Sangvi.
Developers will be provided with floor space index (FSI) as per the Unified Development Control and Promotion Regulations (UDCPR).
The selection of developers will be based on the premium they offer.
This is a significant opportunity for property developers, given that commercial rental rates in the MMR range from Rs 97 to Rs 122 per square foot, according to Square Yards Data Intelligence.
Efforts are underway to extend the land lease period from 60 to 99 years.
Developers will have the rights to manage advertisements and parking facilities on these lands.
Developers will be responsible for renting out commercial parts, including offices, hotels, shopping, and retail spaces.
Additionally, they are expected to build 100-bedded hospitals on district-level land parcels and facilities for MSRTC.
To streamline the approval process, MSRTC will sanction development plans under one roof, reducing the need to secure approvals from multiple government entities.
The technical team at MSRTC will also be strengthened to support these developments.
The government has appointed Hafeez Contractor, a renowned architectural design consultancy firm, to present a development plan.
Significant land banks in Lonavala-Khandala and Mahabaleshwar may also come under the new UDCPR, ensuring adequate FSI for real estate development.
In addition to the land in prime cities, MSRTC owns 885 acres in various districts, 1,535 acres in talukas, and 945 acres in villages.
This initiative aims to not only boost the real estate sector but also enhance the facilities and services provided by MSRTC to the public.
Frequently Asked Questions
What is the total area of land available for development?
The total area of land available for development is 3,360 acres, owned by the Maharashtra State Road Transport Corporation (MSRTC).
How many tenders will the government issue?
The government plans to issue about 150 tenders for the development of these land parcels.
What are the prime locations where the MSRTC owns land?
MSRTC owns prime locations in the Mumbai Metropolitan Region (MMR), including areas like Mumbai Central, Kurla, Vidyavihar, and Chinchbunder, as well as in Pune, particularly in Swargate and Sangvi.
What is the estimated commercial rental rate in the MMR?
The commercial rental rates in the MMR range from Rs 97 to Rs 122 per square foot, as per Square Yards Data Intelligence.
Who has been appointed to present the development plan?
The government has appointed Hafeez Contractor, a renowned architectural design consultancy firm, to present the development plan.
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