In a major push for infrastructure and real estate development, the Maharashtra government has announced that bids will be invited next month for leasing land at around 150 Maharashtra State Road Transport Corporation (MSRTC) bus depots across the state.
Transport Minister Pratap Sarnaik made the announcement at the inauguration of HOMETHON 2025, a three-day property exhibition organised by NAREDCO Maharashtra at the Jio World Convention Centre, Mumbai.
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Long-Term Lease for Bus Depot Development
The state plans to offer 98-year leases, structured as an initial 49 years with the option of another 49-year extension. This marks a significant shift from the earlier 30-year lease model.
“MSRTC owns over 13,000 acres of land at prime locations in Mumbai, including Kurla and Borivali, as well as other towns across the state. To ensure long-term and sustainable development, we are offering these depots on 98-year leases,” Sarnaik said.
The minister added that these depots will be redeveloped into modern Bus Ports, similar to the model implemented successfully in Gujarat. He urged real estate developers to actively participate in the upcoming tenders.
Back in February 2025, during NAREDCO NextGen in Mumbai, Sarnaik had already hinted at this plan, stating that around 150–160 tenders would be floated to redevelop over 3,000 acres of MSRTC depot land. Notably, architect Hafeez Contractor has been roped in to prepare the master plan.
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Pod Taxis Coming to Mumbai, Mira Road & Thane
Sarnaik also confirmed that the Pod Taxi project will soon launch at Bandra-Kurla Complex (BKC) and gradually expand into other parts of the Mumbai Metropolitan Region (MMR), including Mira-Bhayandar and Thane, improving last-mile connectivity.
GST Cuts to Boost Affordable Housing
Speaking at the same event, Niranjan Hiranandani, chairman of NAREDCO India, highlighted that while real estate is estimated to grow at 12%, the sector is actually expanding at a much faster 15% pace.
He noted that the reduction in GST rates on cement and bricks will directly reduce the cost of affordable housing projects, benefiting both buyers and developers.
“The upcoming 300 km of Metro lines within four years, along with the second and third airports and port development around MMR, will dramatically transform commuting and further fuel real estate growth,” Hiranandani said.
Also Read: Microsoft Signs Major Hyderabad Office Lease Worth ₹5.4 Crore a Month
Call for Affordable Housing Reforms
Rajan Bandelkar, vice chairman of NAREDCO India, emphasized the need for reforms such as reducing development charges and making business processes simpler.
“The real estate sector must focus more on strengthening the affordable housing segment to achieve the government’s vision of Housing for All,” he said.
In a major push for infrastructure and real estate development, the Maharashtra government has announced that bids will be invited next month for leasing land at around 150 Maharashtra State Road Transport Corporation (MSRTC) bus depots across the state.
Transport Minister Pratap Sarnaik made the announcement at the inauguration of HOMETHON 2025, a three-day property exhibition organised by NAREDCO Maharashtra at the Jio World Convention Centre, Mumbai.
Also Read: Tesla Leases Massive 51,000 Sq Ft Space in Gurugram for New Showroom and Service Hub
Long-Term Lease for Bus Depot Development
The state plans to offer 98-year leases, structured as an initial 49 years with the option of another 49-year extension. This marks a significant shift from the earlier 30-year lease model.
“MSRTC owns over 13,000 acres of land at prime locations in Mumbai, including Kurla and Borivali, as well as other towns across the state. To ensure long-term and sustainable development, we are offering these depots on 98-year leases,” Sarnaik said.
The minister added that these depots will be redeveloped into modern Bus Ports, similar to the model implemented successfully in Gujarat. He urged real estate developers to actively participate in the upcoming tenders.
Back in February 2025, during NAREDCO NextGen in Mumbai, Sarnaik had already hinted at this plan, stating that around 150–160 tenders would be floated to redevelop over 3,000 acres of MSRTC depot land. Notably, architect Hafeez Contractor has been roped in to prepare the master plan.
Also Read: Zomato Hyperpure Expands with Major Warehouse Lease in Bhiwandi
Pod Taxis Coming to Mumbai, Mira Road & Thane
Sarnaik also confirmed that the Pod Taxi project will soon launch at Bandra-Kurla Complex (BKC) and gradually expand into other parts of the Mumbai Metropolitan Region (MMR), including Mira-Bhayandar and Thane, improving last-mile connectivity.
GST Cuts to Boost Affordable Housing
Speaking at the same event, Niranjan Hiranandani, chairman of NAREDCO India, highlighted that while real estate is estimated to grow at 12%, the sector is actually expanding at a much faster 15% pace.
He noted that the reduction in GST rates on cement and bricks will directly reduce the cost of affordable housing projects, benefiting both buyers and developers.
“The upcoming 300 km of Metro lines within four years, along with the second and third airports and port development around MMR, will dramatically transform commuting and further fuel real estate growth,” Hiranandani said.
Also Read: Microsoft Signs Major Hyderabad Office Lease Worth ₹5.4 Crore a Month
Call for Affordable Housing Reforms
Rajan Bandelkar, vice chairman of NAREDCO India, emphasized the need for reforms such as reducing development charges and making business processes simpler.
“The real estate sector must focus more on strengthening the affordable housing segment to achieve the government’s vision of Housing for All,” he said.
