Maharashtra Transport Minister Urges NAREDCO to Develop ST Corporation’s Land Holdings
Maharashtra Transport Minister Pratap Sarnaik has called on the National Real Estate Development Council (NAREDCO) to take the lead in developing the extensive land holdings of the State Transport (ST) Corporation. He emphasized the potential benefits of
Real EstateLand DevelopmentNaredcoSt CorporationPublicprivate PartnershipReal Estate MaharashtraFeb 12, 2025
Speaking at NAREDCO's annual summit at the Jio World Convention Center in BKC, Sarnaik highlighted the significant land assets of ST, which amount to over 3,000 acres spread across 840 locations in the state.
The event was attended by NAREDCO President Haribabu, along with leading developers such as Rajan Bandekar, Niranjan Hiranandani, and Jay Morjaria, among others.
Sarnaik emphasized that the ST Corporation, a key player in public transportation, owns land parcels categorized into three groups district, taluka, and rural areas.
While prime locations in major cities attract substantial interest from developers, rural and taluka-level sites see much less demand.
To address this imbalance, the Maharashtra government is set to introduce a new tender process that will link high-value urban plots with less popular rural ones.
Frequently Asked Questions
What is the total land holding of the State Transport (ST) Corporation in Maharashtra?
The State Transport (ST) Corporation in Maharashtra owns over 3,000 acres of land spread across 840 locations in the state.
What is the new tender process proposed by the Maharashtra government for ST Corporation's land development?
The new tender process links high-value urban plots with less popular rural ones. Developers interested in premium plots in major cities will also be required to develop at least two additional plots in taluka or rural areas.
What is the role of the National Real Estate Development Council (NAREDCO) in this initiative?
NAREDCO is being urged to take the lead in developing the land holdings of the State Transport Corporation. Their expertise in real estate development can significantly benefit the ST Corporation and ensure effective land utilization.
What are the benefits of the public-private partnership (PPP) model in this context?
The PPP model can help construct modern bus depots, terminals, and other transport-related infrastructure, reviving the ST Corporation financially and enhancing the state's transport facilities.
Who attended the NAREDCO annual summit where this proposal was made?
The NAREDCO annual summit was attended by NAREDCO President Haribabu, along with leading developers including Rajan Bandekar, Niranjan Hiranandani, and Jay Morjaria, among others.
Related News Articles
Delhi-NCR Leads the Way in India's Tier-1 Cities' Residential Real Estate Market
Delhi-NCR's real estate market showcases remarkable resilience despite economic uncertainties, with a 95% surge in new launches and 7% increase in sales.
Toll Waiver for Light Vehicles in Mumbai to Boost Real Estate in Key Suburbs
The recent announcement of toll fee exemptions for light motor vehicles at key toll booths in Mumbai is set to boost the real estate market in suburbs like Thane, Airoli, and Vashi, making these areas more attractive to homebuyers.
Bengaluru Takes the Lead in Flex Office Space Deals
The Indian commercial real estate market has seen a significant rise in flex office space deals, with Bengaluru leading the way, accounting for 28% of the total transactions.
Supreme Court Urges Transparency in Land Allotment by Maharashtra Government
The Supreme Court has highlighted the need for transparency in land distribution, particularly in the context of a proposed housing society in Maharashtra.
Mumbai Real Estate: Parekh Family Makes a Dazzling ₹170 Crore Property Deal in Worli
The Parekh family has made a significant entry into Mumbai's luxury real estate market with the acquisition of high-end apartments in Worli, reflecting the intense competition and high stakes in this sector.
Prestige Estates Reports 38% Drop in Sales Bookings to Rs 10,000 Cr in Apr-Dec
New Delhi: Real estate firm Prestige Estates Projects has reported a significant decline in sales bookings, dropping 38% to Rs 10,000 crore in the April to December period. Despite this, the property market continues to show signs of resilience and optimi