Mumbai, Feb 12 (IANS): Maharashtra’s Transport Minister, Pratap Sarnaik, has invited developers to participate in the development of the Maharashtra State Road Transport Corporation (MSRTC) land bank, spanning 3,360 acres.
Speaking at the NAREDCO NextGen Conclave 2025 in Mumbai on Wednesday, Sarnaik emphasised that the redevelopment of bus depots across districts, talukas, and rural areas would be undertaken on a fast-track basis.
He announced that the state government is set to float 150 to 160 tenders for the project soon.
To facilitate this transformation, renowned architect Hafeez Contractor has been appointed to prepare a development plan for MSRTC bus depots. Sarnaik highlighted the strategic importance of these land parcels and urged developers to explore commercial and residential opportunities beyond urban centers.
In a key policy move, the Minister revealed that MSRTC will be designated as a Planning Authority, streamlining project approvals under a single-window system. He added that the corporation’s technical team will be strengthened to efficiently manage the approvals and execution process.
Encouraging developers to venture beyond metro cities, Sarnaik pointed out the potential in semi-urban and rural areas, stressing that real estate growth in these regions would contribute significantly to the state’s overall development.
Sarnaik also noted that land parcels in Lonavala-Khandala and Mahabaleshwar -- which are currently restricted under forest and no-development zones -- would soon be included under the new Development Control and Promotion Regulations (DCPR). This change would allow for a higher Floor Space Index (FSI), unlocking new development opportunities.
Additionally, the government is working to extend land lease periods from 60 years to 99 years, making projects more financially viable for developers.
At the conclave, Sarnaik also launched the NAREDCO NextGen ‘Digital Learning Hub’, an online learning platform designed for young real estate professionals. The hub will offer insights into emerging trends, advanced technologies, and policy updates through collaborations with leading institutions, providing certification programs to nurture the next generation of real estate leaders.