Daijiworld Media Network - New Delhi
Mumbai, Jul 14: Maharashtra chief minister Devendra Fadnavis has directed officials to accelerate the redevelopment of Maharashtra State Road Transport Corporation (MSRTC) bus depots through the Public-Private Partnership (PPP) model, aiming to improve the corporation's financial health and unlock the commercial value of its land assets.
Chairing a high-level review meeting of the Transport Department at his official residence, Varsha, on Monday, Fadnavis said each bus depot should have an individually tailored redevelopment plan based on its location, infrastructure and commercial potential rather than adopting a uniform approach across the state.
He instructed the department to prepare and submit a comprehensive PPP policy proposal to the state Cabinet at the earliest to facilitate faster implementation of the redevelopment programme.
The Chief Minister also proposed that income generated from commercially successful depot projects be deposited into a dedicated escrow account. These funds, he said, should be used exclusively to support redevelopment works at other MSRTC properties, ensuring a sustainable financing mechanism for future projects.
As part of the proposed policy, the government plans to offer incentives to private developers, with a detailed framework to be placed before the Cabinet for approval. Officials have also been asked to explore legal provisions for stamp duty concessions to attract reputed developers and encourage greater private investment.
To safeguard government ownership of transport assets, Fadnavis said the state is considering a 49+49-year lease model, under which MSRTC will retain permanent ownership of the land while allowing its commercial development for a fixed period.
The Chief Minister also stressed the need to modernise public transport infrastructure by integrating bus depots with Metro rail services and other modes of urban transport. He called for the creation of multimodal transport hubs that would provide commuters with smoother connectivity and a more efficient travel experience across Maharashtra.