Mumbai: In a landmark move aimed at steering the Maharashtra State Road Transport Corporation (MSRTC) towards long-term financial self-reliance, the state govt has approved the commercial development of surplus land owned by the transport utility under a public-private partnership (PPP) model. The policy introduces an extended lease framework of 49 years, extendable by another 49 years—totalling 98 years—paving the way for sustained revenue generation across prime real estate assets statewide.The initiative unlocks vast economic potential across 3,500 acres of MSRTC land distributed across nearly 850 locations in Maharashtra. These prime land parcels include properties acquired through direct ownership, land acquisition, leaseholds, and gifts. To ensure maximum transparency and financial accountability, mandatory independent tenders will be floated for each individual site.Adopting recommendations from the Subodh Kumar Committee, projects will operate on an ‘Upfront Premium’ model. This structure guarantees immediate capital influx for the transit body alongside a recurring revenue share in the newly constructed commercial, residential, and industrial complexes.“Financial self-reliance is vital to strengthening passenger services,” stated transport minister and MSRTC chairperson Pratap Sarnaik, who heads the high-level committee overseeing implementation. “Our objective goes beyond short-term fixes; we are leveraging valuable state assets to build a secure economic foundation for public transit.”
