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.
Related News Articles
Nemetschek Group Partners with JJ College of Architecture to Drive Innovation and Skill Development in India
A Memorandum of Understanding (MoU) has been signed between Nemetschek Group and JJ College of Architecture to promote innovation and skill development in the Indian architecture industry.
Real Estate Continues to Dominate as Top Investment Choice in India: FICCI-Anarock Survey
A recent survey by FICCI and Anarock reveals that real estate remains the most preferred asset class for investment among Indians, with 59% of respondents across 14 cities favoring it.
Twinkle Arora: Guiding NRIs to Unlock Naugaon's Real Estate Potential
The Indian real estate market is buzzing with opportunities, and NRIs are increasingly looking to invest in their homeland. Twinkle Arora, a seasoned real estate consultant, is helping NRIs navigate the complexities of investing in Naugaon, a promising ar
Mumbai Police Closes Fraud Case Against HDIL Promoters: Rakesh and Sarang Wadhawan
The Economic Offences Wing (EOW) of the Mumbai Police has filed a 'C Summary' report, effectively closing the case against HDIL promoters Rakesh and Sarang Wadhawan. The case involved allegations of illegal sale of office units in the Kaledonia commercial
Trump Organization Ventures into Pune's Real Estate Market: What Does This Mean?
The Trump Organization is making a significant move into India's office space segment with the launch of Trump World Center in Pune. This 1.7 million square foot development is set to transform the city's real estate landscape and boost its position as a
Bollywood Singer Shaan Invests in Luxury Real Estate: Buys Bungalow in Pune for ₹10 Crore
Bollywood singer Shaan, known for his soulful music and chart-topping hits, has recently added a luxurious bungalow in Pune to his real estate portfolio. The property, costing a whopping ₹10 crore, underscores Shaan’s growing wealth and his strategic investments in the real estate market.