Mumbai, July 14 (IANS) The Maharashtra State Road Transport Corporation (MSRTC), which holds prime commercial real estate across 850 locations totalling 3,500 acres, has received a major procedural boost.
To prevent administrative delays, the Maharashtra Cabinet, chaired by Chief Minister Devendra Fadnavis on Tuesday, exempted MSRTC’s land development projects from the strict provisions of the March 2026 state PPP policy.
A high-level committee led by the Transport Minister will now oversee the commercial and residential development of 213 prime locations on a long-term lease of 49 + 49 years, fast-tracking multi-modal transit hubs and commercial complexes.
Earlier, Fadnavis on Monday directed officials to execute a well-planned redevelopment of ST bus depots to boost revenue.
The chief minister emphasised that a customised development blueprint should be drafted for each depot, keeping its specific capacity and commercial potential in mind.
He also instructed the department to urgently submit a strategic policy proposal to the Cabinet to fast-track the redevelopment through the Public-Private Partnership (PPP) model.
Fadnavis stated that the redevelopment must not follow a one-size-fits-all approach; instead, distinct planning is required based on the unique commercial viability of each depot.
He instructed that revenues generated from financially viable projects be deposited into an escrow account, ensuring these funds are exclusively utilised to bankroll other development projects.
Furthermore, a comprehensive proposal detailing the incentives to be offered to developers under the PPP policy should be tabled before the Cabinet for formal approval. To protect public assets, the government is considering a “49 + 49 years” lease model. This framework ensures that the ownership of the land remains permanently with the MSRTC while maximising long-term commercial value.
The chief minister also directed officials to examine the legal aspects concerning stamp duty exemptions for these projects to attract premium developers.
With an aim to provide passengers with seamless and uninterrupted public transit, Fadnavis instructed officials to prioritise integrated planning.
He called for the development of Multimodal Transport Hubs by interconnecting ST bus depots with the Metro network and other public transportation systems, transforming the commuter experience across the state.
Meanwhile, to protect local quarry operators and curb the influx of illegally transported materials, the Cabinet gave approval for amendments to the Maharashtra Minor Mineral Extraction (Development and Regulation) Rules, 2013.
Following a model similar to Telangana, Maharashtra will now levy a Rs 100 per metric ton regulation or supervision fee on all minor minerals entering Maharashtra from neighbouring states.
–IANS
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