The Maharashtra State Road Transport Corporation (MSRTC) has opened the door for large-scale infrastructure development by allowing its vast land bank approximately 13,000 acres across 850 locations to be developed under Public-Private Partnership (PPP) models. The government has approved lease agreements of up to 98 years (49+49 years), paving the way for long-term private sector investment. Transport Minister and MSRTC Chairman Pratap Sarnaik has extended an open invitation to the National Real Estate Development Council (NAREDCO) to bring its industry expertise and technical know-how to assist in redeveloping MSRTC properties.
Minister Pratap Sarnaik on Friday announced that the state government will issue tenders next month to lease Maharashtra State Road Transport Corporation (MSRTC) bus depots for a long-term period of 98 years. These depots will be redeveloped into modern "bus ports" on the lines of Gujarat’s successful model.
Speaking at the inauguration of a mega property exhibition, Sarnaik revealed that MSRTC currently owns over 13,000 acres of prime land across the state, including valuable locations in Mumbai’s Kurla and Borivali, as well as other urban and semi-urban areas.
"Instead of the current 30-year lease model, these lands and depots will now be leased for 98 years—49 years initially, with a 49-year extension,” Sarnaik said. “We invite real estate developers to actively participate in this transformative project that will reshape Maharashtra's transport and urban landscape.”
The modern bus port initiative aims not only to enhance public transport facilities but also to generate revenue and stimulate economic activity through the commercial development of underutilized public assets.
In addition to bus depot redevelopment, Sarnaik also announced plans to launch pod taxi services in the Bandra-Kurla Complex (BKC), with future expansion to Mira-Bhayandar, Thane, and other areas in the Mumbai Metropolitan Region (MMR). The pod taxis are expected to offer a futuristic, eco-friendly solution to last-mile connectivity issues in the city.
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Reaffirming the state government’s commitment to inclusive development, the minister highlighted the need to boost real estate growth in semi-urban and rural areas, especially to promote affordable housing.
The event also saw the participation of renowned actor and Rugby India President Rahul Bose, who served as a special guest. In his address, Bose urged developers to prioritize low-cost housing and design inclusive community spaces that enhance quality of life in high-density urban environments like Mumbai.
“The real estate sector has a unique responsibility in shaping the social fabric of our cities. Affordability and inclusivity must be at the heart of every development,” Bose said.
