Naredco Urged to Develop Prime ST Land: MSRTC Chairman

Mumbai: The Maharashtra State Road Transport Corporation (MSRTC) currently owns a substantial land bank of 13,000 acres spread across 850 locations throughout the state. A recent government decision has granted a lease period of 49+49 years, totaling 98 years, for the development of State Transport (ST) land through public-private partnerships (PPP).

Taking advantage of this opportunity, the National Real Estate Development Council (Naredco) should utilize its experience and expertise to develop various ST properties and contribute to public welfare, according to MSRTC chairman Pratap Sarnaik. Sarnaik made these remarks at the annual conference of the National Real Estate Development Council.

Speaking on the occasion, Sarnaik highlighted that Naredco is a national-level apex organization in the construction sector. This organization works to connect the country's construction industry with the general public. The recent state government decision states that permission has been granted for 98-year lease agreements to develop ST corporation lands on a public-private partnership basis. ST has properties at prime locations in various cities across the state.

While developing these properties, the condition is to build and transfer depots, bus stations, and other ancillary infrastructure required by ST. The remaining land will be given to the concerned developer on a 98-year lease to develop and use on a commercial basis.

Sarnaik appealed that an organization like Naredco should take advantage of this opportunity and use its experience and expertise to transform bus stations across the state into bus ports. This will contribute to creating quality transport services for the general public.