Revamping BEST Properties: State Committee to Explore Redevelopment Opportunities
The state government establishes a committee to study the redevelopment of BEST properties and lands for commercial and housing complexes
BestMumbaiRedevelopmentPropertiesCommercial ComplexesReal Estate MumbaiJul 05, 2024
The move comes in response to concerns raised by BJP MLC Prasad Lad regarding the financial burden on BEST, which has been struggling to pay dearness allowance and gratuity to its employees. With a financial burden of over ₹1,000 crore, BEST has been unable to accommodate 800 temporary workers in government service despite court orders.
Lad suggested that agencies like the Maharashtra Housing and Area Development Authority (MHADA) and Mumbai Metropolitan Region Development Authority (MMRDA) could develop BEST's 27 depots and 27 staff colonies, which are in disarray. He cited the example of Navi Mumbai, where the redeveloped depots earned an income of ₹800 crore for the Navi Mumbai Municipal Transport (NMMT).
Furthermore, Lad proposed that BEST could redevelop its colonies and offer houses on ownership to employees at ₹15 lakh, similar to the BDD chawls or police housing. Minister Uday Samant has directed the committee to submit its report within 30 days.
Information Brihanmumbai Electric Supply and Transport (BEST) is the public transport and electricity provider for Mumbai, India's financial capital. Established in 1873, BEST operates a fleet of buses and provides electricity to over 10 lakh consumers in the city.
Maharashtra Housing and Area Development Authority (MHADA) is a state-owned housing development agency responsible for providing affordable housing to citizens. Mumbai Metropolitan Region Development Authority (MMRDA) is a state-owned agency responsible for the development of the Mumbai metropolitan region.
Frequently Asked Questions
What is the purpose of the committee formed by the state government?
The committee will study how the properties of BEST can be redeveloped and lands can be given on lease for commercial and housing complexes.
What is the financial burden on BEST?
BEST has a financial burden of over ₹1,000 crore.
How many temporary workers have not been accommodated in government service?
800 temporary workers have not been accommodated in government service despite court orders.
What is the proposed solution for redevelopment?
Agencies like MHADA and MMRDA could develop BEST's depots and staff colonies and offer lands on lease.
What is the deadline for the committee to submit its report?
The committee has to submit its report within 30 days.
Related News Articles
BMC's ₹500 Crore Parking and Office Space Project in Worli: A Game-Changer for Mumbai's Real Estate?
The Brihanmumbai Municipal Corporation (BMC) is set to construct a 29-storey parking plus office building in Worli, Mumbai, worth ₹519 crores. The project is expected to boost the city's real estate market.
Alternative Investment Funds: The Game-Changers in Indian Realty
AIFs are transforming India's real estate sector by injecting significant capital into residential, commercial, and logistics segments.
Willingdon Sports Club Squash Classic Open 2025: Diva Shah and Anika Dubeya Triumph
Diva Shah and Anika Dubeya of Maharashtra dominate the Girls U-17 and U-19 finals, respectively, at the prestigious Willingdon Sports Club Squash Classic Open 2025.
DLF’s Luxury Real Estate Surge: Can It Maintain Momentum Amid Market Ups and Downs?
An in-depth look at the realty sector's resilience. Despite sharp corrections in the BSE Realty Index, experts are divided on whether the current real estate market is heading for a crash similar to 2008.
Bollywood Director Ashutosh Gowariker's Son Konark Set to Marry Real Estate Heiress Niyati Kanakia
Bollywood filmmaker Ashutosh Gowariker's son, Konark, is set to marry Niyati Kanakia, the daughter of prominent real estate businessman Rasesh Babubhai Kanakia, in a grand ceremony in Mumbai. The event is expected to be attended by celebrities from the fi
Sterling Real Estate Trust Secures $10M Revolving Credit Facility
Sterling Real Estate Trust, a leading player in the real estate sector, has announced the establishment of a $10 million revolving credit facility. This strategic move is expected to enhance the Trust's financial flexibility and support its growth initiat