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Maharashtra has invited real estate companies to develop commercial and residential premises on 3,360 acres owned by its bus corporation across the state.
Land parcels of Maharashtra State Road Transport Corporation (MSRTC) will be developed under public-private partnerships on a build-operate-transfer deals. The government will soon issue about 150 tenders, said Pratap Sarnaik, transport minister and chairperson of MSRTC, at the NAREDCO NextGen Conclave 2025 in Mumbai on Wednesday.
The MSRTC owns 26 acres in prime locations across the Mumbai Metropolitan Region (MMR), including Mumbai Central, Kurla, Vidyavihar and Chinchbunder (South Mumbai). It has about 24 acres in Pune, including Swargate and Sangvi.
Developers will be granted floor space index (FSI) according to the Unified Development Control and Promotion Regulations (UDCPR). Selection will depend on the premium a developer offers.
It is an opportunity for developers as commercial rental rates in MMR range from Rs 97 to Rs 122 per square foot, as per Square Yards Data Intelligence.
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Sarnaik said efforts are underway to extend the land lease period from 60 to 99 years. The advertisement and parking rights will be with developers.
They will rent out commercial parts, including offices, hotels, shopping, and retail, while also building 100-bedded hospitals on district-level land parcels and facilities for MSRTC.
MSRTC will sanction development plans under one roof to ease approvals from various government entities. MSRTC’s technical team capacities will be built.
The government has appointed Hafeez Contractor, an architectural design consultancy firm, to make a presentation for the development plan.
Significant land banks in Lonavala-Khandala and Mahabaleshwar may come under the ambit of new UDCPR, providing adequate FSI for real estate development.
Separately, MSRTC has 885 acres in districts, 1,535 acres in talukas and 945 in villages.
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