NEW DELHI: Pratap Sarnaik, Maharashtra’s Minister of Transport, announced that the state government will open tenders for the long-term lease development of bus depots, extending the lease duration to 98 years from the previous 30 years.
Sarnaik noted that the Maharashtra State Road Transport Corporation (MSRTC) possesses over 13,000 acres of land in areas such as Kurla and Borivali, among other towns in the state.
“To facilitate the development of these lands and bus depots, the government has decided to offer a 98-year long-term lease. These ST Bus Depots will be transformed into Bus Ports, similar to those developed in Gujarat,” Sarnaik stated.
Additionally, he revealed that a Pod Taxi service will soon commence operations in the Bandra-Kurla Complex, with plans to expand into other parts of the Mumbai Metropolitan Region, including Mira-Bhayandar and Thane.
Niranjan Hiranandani, Chairman of NAREDCO India, commented, “The real estate sector is projected to grow at 12%, but we anticipate it will actually rise by 15%. Furthermore, a reduction in GST rates on cement and bricks will lower the costs of affordable housing. We expect 300 kilometers of Metro infrastructure to be completed in the next four years. The enhanced rail and metro connectivity, alongside the new second and third airports and a port in the MMR, will significantly uplift the real estate sector.”
