The state government has taken a major decision regarding the commercial utilisation of surplus land owned by the Maharashtra State Road Transport Corporation (MSRTC). Under the revised policy, the lease period for projects to be developed through Public-Private Partnership (PPP) has been extended from 60 years to 98 years. Transport minister and MSRTC chairman Pratap Sarnaik said on Wednesday that this move will help increase the corporation’s revenue and ensure long-term financial stability.
“As per the government’s updated policy, MSRTC’s surplus lands will be developed on the PPP model, with a lease period of 49 years plus an additional 49 years, making it a total of 98 years. During this period, it will be mandatory for the developers to share a fixed portion of the income or commercial returns generated from the use of the land with MSRTC,” he said.
He added that in order to make the development of MSRTC’s properties in Mumbai Metropolitan Region financially viable and to promote sustainable growth of the corporation, commercial use will be permitted in accordance with DCPR-2034 and UDCPR-2020 regulations.
According to the minister, this decision will not only bring idle land under productive use but also give momentum to new projects. More importantly, the additional revenue generated will provide MSRTC with significant financial support, enabling the corporation to deliver better quality services to passengers.