Maharashtra's Transport Minister Pratap Sarnaik Invites CREDAI to Develop MSRTC Land
The Maharashtra Transport Minister, Pratap Sarnaik, has called on the Confederation of Real Estate Developers’ Associations of India (CREDAI) to participate in the development of 1,360 hectares of land owned by the Maharashtra State Road Transport Corpora
MaharashtraCredaiMsrtcInfrastructurePublicprivate PartnershipReal EstateJan 19, 2025
Sarnaik made this announcement at an exhibition organized by the Maharashtra Chamber of Housing Industry on Sunday.
The minister outlined ambitious plans to utilize MSRTC’s vast land assets for infrastructure and sustainable development projects.
The MSRTC land, spread across 842 locations in urban, semi-urban, and rural areas, will be developed under a 'build, operate, and transfer' (BOT) model or a public-private partnership (PPP) framework.
The proposed projects include the construction of essential infrastructure such as bus stations, depots, and administrative offices, alongside green initiatives like electric bus charging stations, rainwater harvesting systems, solar panel installations, and 100-bed modern hospitals at district centers.
Developers partnering with MSRTC will also be allowed to utilize the remaining portions of the land for commercial projects, offering a lucrative opportunity to the real estate sector.
Minister Sarnaik announced that a comprehensive policy detailing these plans will soon be released, and urged CREDAI and other industry leaders to submit suggestions and proposals for the initiative.
'This is a unique opportunity for the real estate sector to contribute to the state’s infrastructure development while creating commercial hubs,' said Minister Sarnaik.
CREDAI President Dr.
Dominic Romell and other prominent developers, architects, and officials attended the event.
Architect Nilesh Lahival, representing MSRTC, presented an overview of the corporation’s plans and emphasized the potential for private sector collaboration in driving this ambitious initiative.
The proposed model aims to balance infrastructure needs with sustainable development, setting a benchmark for public-private partnerships in Maharashtra.
Information on CREDAIThe Confederation of Real Estate Developers' Associations of India (CREDAI) is the largest and most representative body of the real estate developers and builders in the country.
It plays a vital role in promoting transparency, professionalism, and accountability within the real estate sector.
CREDAI works collaboratively with the government to develop policies and regulations that benefit both developers and end-users.
Information on MSRTCThe Maharashtra State Road Transport Corporation (MSRTC) is a government-owned transport company in the state of Maharashtra, India.
It operates a vast network of bus routes, connecting towns and cities within the state.
MSRTC owns significant land assets that can be utilized for various development projects.
Information on the Maharashtra Chamber of Housing IndustryThe Maharashtra Chamber of Housing Industry is a prominent organization in the real estate sector, dedicated to promoting the growth and development of the housing industry in Maharashtra.
It serves as a platform for developers, architects, and other stakeholders to collaborate and advance the industry's interests.
Frequently Asked Questions
What is the total land area that MSRTC is planning to develop?
MSRTC is planning to develop 1,360 hectares of land.
How many locations does the MSRTC land span across?
The MSRTC land spans across 842 locations in urban, semi-urban, and rural areas.
What development models are proposed for the MSRTC land?
The proposed development models are the 'build, operate, and transfer' (BOT) model and a public-private partnership (PPP) framework.
What types of infrastructure projects are planned for the MSRTC land?
The planned infrastructure projects include bus stations, depots, administrative offices, electric bus charging stations, rainwater harvesting systems, solar panel installations, and 100-bed modern hospitals at district centers.
What is the role of CREDAI in this initiative?
CREDAI is invited to participate in the development of MSRTC land, contributing to infrastructure and commercial projects while promoting sustainable development.
Related News Articles
Sensex Surge: A Closer Look at the Indian Stock Market
SEBI raises alarms over unscrupulous practices in SME and real estate investment trusts (REIT) sectors, underlining the need for tighter regulations.
Kangana Ranaut Sells Mumbai Bungalow for ₹32 Crore: A Look at the Property Deal
Bollywood actor and BJP MP Kangana Ranaut has sold her bungalow in Mumbai's Pali Hill area for ₹32 crore, according to property registration documents.
Pidilite Strengthens Its Hold in the Construction Industry with a?5 Crore Investment in Wify
Pidilite, a leading manufacturer of adhesives and construction chemicals, has invested?5 crore in Wify, a innovative startup in the real estate and home improvement market.
Real Estate Developer Killed in Broad Daylight in Ranchi
Madhusudan Rai, a prominent real estate businessman known as Madhu Rai, was tragically shot dead in a daring daylight attack in Ranchi. The incident has sent shockwaves through the local community and raised serious concerns about the safety and security
Residential Real Estate Market Booms with 5.8 Lakh Home Sales in 2024
Mumbai: The residential real estate market has seen a significant 4% increase in home sales, reaching 5.8 lakh units worth Rs 4 trillion in 2024. The outlook for 2025 remains positive, with over 3.6 lakh units expected to be delivered across major cities.
MahaRERA Releases New Guidelines for Secure Real Estate Investments
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced a set of comprehensive guidelines aimed at ensuring safer and more transparent real estate investments for homebuyers in the state.