Nagpur e-way: MSRDC puts leasing of plots on hold

A slump in the real-estate sector has hit the Maharashtra State Road Development Corporation’s (MSRDC) plans of monetising its prime plots by raising funds for the

A slump in the real-estate sector has hit the Maharashtra State Road Development Corporation’s (MSRDC) plans of monetising its prime plots by raising funds for the Mumbai-Nagpur Super Communication Expressway. It has decided to put the process of leasing them on hold for some time.

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The MSRDC, in August 2019, had floated an expression of interest to lease the 1.54-acre prime plot on Nepean Sea Road for 60 years. The plan was to lease pockets of land along the Mumbai-Pune Expressway and Bandra for raising money.

The Nepean Sea plot was alone valued at ₹550 crore by real-estate experts. However, officials said that at a time when the real-estate sector has hit a low, they would not want to sell off assets at a lower price. Vijay Waghmare, joint managing director, MSRDC, said, “The markets are not favourable as of now. So it would not be the right time to sell the assets at a lower price.” Waghmare also said that the Maharashtra government’s capital investment of ₹3,500 crores has also taken care of the project’s immediate needs.