Maharashtra to Fast-Track Development of 3,360-Acre MSRTC Land Bank
Maharashtra's Transport Minister Pratap Sarnaik has called for the development of MSRTC's 3,360-acre land bank, urging real estate developers to participate in building commercial and residential projects.
Real EstateMsrtcLand BankPratap SarnaikDevelopmentReal EstateFeb 13, 2025
This significant move was revealed during an event organized by the National Real Estate Development Council (Naredco), a prominent realty industry lobby group.
Sarnaik emphasized the need to develop the strategically located lands and invited real estate developers to contribute to the development of commercial and residential premises.
Sarnaik highlighted that MSRTC will be made a planning authority to streamline the process.
The corporation will sanction development plans under one roof, and its technical team will be capacitated to handle this new responsibility.
To ensure a well-planned execution, the government has engaged renowned architect Hafeez Contractor to develop a comprehensive plan for the land bank.
The land bank will primarily be used for developing bus depots, but there is also potential for a variety of other projects.
Sarnaik assured developers that, with a few exceptions in forest or no-development zones, adequate floor space index (FSI) will be provided for new developments.
Efforts are underway to extend the land lease period from 60 years to 99 years, making long-term investments more attractive.
The minister encouraged real estate developers to look beyond urban areas and consider opportunities in other parts of the state.
This initiative aims to not only boost local economies but also improve the overall infrastructure and transportation network in Maharashtra.
The MSRTC, established to provide public transport services in the state, has been a crucial component of Maharashtra's transportation system.
With this new development plan, the corporation aims to leverage its strategic land holdings to drive economic growth and enhance urban development.
Developers interested in participating in this significant project are encouraged to stay updated on the upcoming tenders, which are expected to be floated soon.
This fast-track development is poised to transform the landscape of Maharashtra, creating numerous opportunities for both the public and private sectors.
Frequently Asked Questions
What is the total size of the MSRTC land bank?
The MSRTC land bank spans 3,360 acres across the state of Maharashtra.
Who is leading the initiative to develop the MSRTC land bank?
Maharashtra's Transport Minister, Pratap Sarnaik, is leading the initiative and has announced plans to develop the land bank on a fast-track mode.
What is the role of MSRTC in the development plan?
MSRTC will be made a planning authority and will sanction development plans under one roof. The corporation's technical team will be capacitated to handle the new responsibilities.
Who has been engaged to develop the plan for the land bank?
Renowned architect Hafeez Contractor has been engaged by the government to develop a comprehensive plan for the MSRTC land bank.
What is the expected extension of the land lease period?
The land lease period is expected to be extended from 60 years to 99 years to attract long-term investments.
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