Mumbai: To monetise land banks, MSRDC looks for expert real estate consultants

Bidding process is open till June 24, while those interested have to deposit Rs 10 lakh

Sweety AdimulamUpdated: Monday, June 13, 2022, 11:22 PM IST
article-image
Bandra Worli Sea Link | PTI

To fund mega projects like Samruddhi Mahamarg, Versova-Bandra Sea Link, Thane creek bridge and Konkan coastal road, the Maharashtra State Road Development Corporation (MSRDC) is looking at ways to optimally monetise its land banks. The land parcels owned by or transferred to the MSRDC are basically known as land banks because they offer several revenue generating opportunities.

Looking for princely earnings, the agency has floated a tender, inviting expert real estate consultants to help the MSRDC in monetising its land banks as per market value. The bidding process is open till June 24, while those interested have to deposit Rs 10 lakh as total earnest money.

Currently, the MSRDC has land banks at prominent places like Mumbai's Nepean Sea Road, Bandra Reclamation, Pune, and adjacent land along the Mumbai-Pune Expressway.

Speaking about the money making plan, an MSRDC official said that with the appointment of a real estate consultant, the agency will get a fair idea of prevailing market conditions. "Earlier, the MSRDC had planned to lease out a land parcel of Nepean Sea Road. However, due to poor response the proposal was put into cold storage. To prevent such a failure, the MSRDC plans to appoint an expert consultant, who can plan a strategy. Leasing out land parcels to the right party is not so easy, especially in Mumbai where the price of land is high," he explained.

However, the futuristic Samruddhi Mahamarg is an exceptional case as a separate land development authority has been appointed for it, given the bright future avenues. The move was resorted to considering the rapid development of the IT industry after the coming up of Mumbai-Pune Expressway, the official said.

As per the existing government resolution, the MSRDC can lease out its land parcels for 60 to 90 years, with no ownership rights to the allottee.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Mumbai Port Authority alerts about increase in cyber threat

Mumbai Port Authority alerts about increase in cyber threat

Maharashtra Political Crisis: Rebel camp to urge Guv to call session and ask CM Uddhav Thackeray to...

Maharashtra Political Crisis: Rebel camp to urge Guv to call session and ask CM Uddhav Thackeray to...

Mumbai: After Ajit Pawar, Chhagan Bhujbal tests positive for COVID-19

Mumbai: After Ajit Pawar, Chhagan Bhujbal tests positive for COVID-19

Mumbai: Sanjay Nirupam, 20 others of Congress acquitted

Mumbai: Sanjay Nirupam, 20 others of Congress acquitted

Mukul Roy resigns as PAC chairman from West Bengal Assembly

Mukul Roy resigns as PAC chairman from West Bengal Assembly