The Maharashtra government selects Hafeez Contractor to create the design plan and invites realtors to develop 3,360 acres

By Bricksnwall | 2025-02-13

The MSRTC land parcels are situated in places like Lonavala, Khandala, and Mahabaleshwar in Maharashtra, according to Maharashtra Transport Minister Pratap Sarnaik.

The Maharashtra State Road Development Transport Corporation (MSRTC) has 3,360 acres of property, and the Maharashtra government has encouraged real estate developers to come forward and build residential and commercial buildings on this site.

At a NAREDCO NextGen Conclave 2025 held in Mumbai on February 11, Maharashtra Transport Minister Pratap Sarnaik announced that the government had hired architect Hafeez Contractor to create a plan for utilizing the land parcels and that it would shortly issue 150 to 160 tenders to develop MSRTC bus depots.

"We will make MSRTC the special planning authority (SPA) to execute this project, and it will sanction the plans under one roof," Sarnaik told the crowd.

Although a large portion of the land will fall under the new Development Control and Promotion Regulations (DCPR), which will provide an adequate Floor Space Index for new development, these land banks are located in places like Lonavala-Khandala, Mahabaleshwar, where the new DCPR rules are not applicable because of the forest and no-development zones. Furthermore, attempts are being made to increase the duration of the land lease from 60 to 99 years," Sarnaik continued.

Discussions about the AI revolution, growth opportunities, real estate trends, and the effects of Budget 2025 on the real estate industry were held during the NAREDCO summit.

Source: Hindustan Times