The Maharashtra government has urged real estate developers to come forward to develop commercial and residential premises on 3,360 acres of land owned by the Maharashtra State Road Development Transport Corporation (MSRTC).
Maharashtra Transport Minister Pratap Sarnaik said at a NAREDCO NextGen Conclave 2025 organised by NAREDCO NextGen in Mumbai on February 11 that the government would soon float about 150 to 160 tenders to develop MSRTC bus depots and that it had appointed architect Hafeez Contractor to design a plan for exploiting the land parcels.
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"We will make MSRTC the special planning authority (SPA) to execute this project, and it will sanction the plans under one roof," Sarnaik said at the event.
"These land banks are in areas such as Lonavala – Khandala, Mahabaleshwar where new DCPR rules are not applicable due to forest and no-development zones, but a major portion of the land will come under the ambit of new Development Control and Promotion Regulations (DCPR), which will provide adequate Floor Space Index for new development. Additionally, efforts are underway to extend the land lease period from 60 years to 99 years," Sarnaik added.
At the NAREDCO conclave discussions were held on various real estate trends, growth avenues, AI revolution and the impact of Budget 2025 on the real estate sector.