Maharashtra Government Invites Developers for 3,360 Acres of MSRTC Land Development
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Synopsis
Maharashtra's Transport Minister, Pratap Sarnaik, invites developers to develop a 3,360-acre MSRTC land bank, emphasizing fast-track bus depot redevelopment. A planning authority designation and extended land leases aim to boost real estate growth.
Key Takeaways
- Invitation to developers for 3,360 acres of MSRTC land
- Fast-tracked redevelopment of bus depots
- 150 to 160 tenders to be issued soon
- MSRTC designated as Planning Authority for streamlined approvals
- Focus on semi-urban and rural real estate growth
Mumbai, Feb 12 (NationPress) Maharashtra’s Transport Minister, Pratap Sarnaik, has called upon developers to engage in the development of the Maharashtra State Road Transport Corporation (MSRTC) land bank, which encompasses 3,360 acres.
During his address at the NAREDCO NextGen Conclave 2025 in Mumbai on Wednesday, Sarnaik stressed that the redevelopment of bus depots throughout various districts, talukas, and rural regions would proceed on a fast-track basis.
He shared that the state government plans to issue 150 to 160 tenders for the initiative in the near future.
To support this transformation, esteemed architect Hafeez Contractor has been appointed to devise a development strategy for MSRTC bus depots. Sarnaik underscored the strategic value of these land parcels and encouraged developers to consider commercial and residential ventures outside urbanized areas.
In a significant policy shift, the Minister disclosed that MSRTC will be recognized as a Planning Authority, simplifying project approvals under a single-window framework. He mentioned that the corporation’s technical team would be bolstered to effectively oversee the approval and execution process.
Encouraging developers to explore opportunities beyond metropolitan areas, Sarnaik highlighted the potential in semi-urban and rural locations, asserting that real estate development in these regions would greatly benefit the state’s overall progress.
He also pointed out that land parcels in Lonavala-Khandala and Mahabaleshwar—currently restricted due to forest and no-development regulations—would soon be incorporated under the revised Development Control and Promotion Regulations (DCPR). This revision would permit a higher Floor Space Index (FSI), thereby unlocking new avenues for development.
Furthermore, the government aims to extend land lease durations from 60 years to 99 years, enhancing the financial viability of projects for developers.
At the conclave, Sarnaik also inaugurated the NAREDCO NextGen ‘Digital Learning Hub’, an online educational platform aimed at young real estate professionals. This hub will provide insights into emerging trends, advanced technologies, and policy updates in collaboration with leading institutions, offering certification programs to cultivate the next generation of real estate leaders.
