Pratap Sarnaik, Minister of Transport, Government of Maharashtra, announced that the State Government will soon invite tenders for the development of bus depots across Maharashtra on a long-term lease of 98 years—comprising an initial 49 years, extendable by another 49 years.
The announcement came during the inauguration of the fourth edition of HOMETHON 2025, a three-day mega property exhibition organised by NAREDCO Maharashtra at the Jio World Convention Centre in Mumbai.
Speaking at the Real Estate Forum 2025—held alongside the property expo— Sarnaik highlighted the potential of land assets under the Maharashtra State Road Development Corporation Ltd (MSRDC). “The MSRDC has over 13,000 acre of land parcel at strategic locations in Mumbai’s Kurla, Borivali and also other towns of the State. In order to develop these lands and the bus depots, the Government has decided that these bus depots will be given on a long-term lease of 98 years by increasing the period from earlier 30 years. These ST Bus Depots will be developed as Bus Ports; the way they have been developed in Gujarat,” he said.
Sarnaik also urged real estate developers from the State to actively participate in the tenders for developing these depots. He further informed that “the Pod Taxi will soon start playing in Bandra-Kurla Complex and enter into other parts of Mumbai Metropolitan Region line Mira-Bhayandar, and Thane.”
Underscoring the government’s commitment to inclusive growth, the Minister said the State expected real estate activity to expand into semi-urban and rural areas, thereby giving a push to affordable housing.
At the same event, Rahul Bose, acclaimed Indian actor and President, Rugby India, called on the real estate community to focus on social responsibility. “Developers must provide low-cost affordable housing to the needy and also plan for income-agnostic community places to give a smooth living experience in challenging city environments like Mumbai,” he said.
Prashant Sharma, President, NAREDCO Maharashtra, emphasised the sector’s resilience and contribution to the State’s economy. “The real estate sector is rapidly getting organised and it’s the only ‘Atma Nirbhar’ industry. With this year’s theme of ‘Reimagining Maharashtra: Global Alliances to Local Impact’ for Real Estate Forum 2025, the real estate sector with its growth vision will transform the state into a progressive and an inclusive state,” he remarked.
Calling for greater focus on affordability, Rajan Bandelkar, Vice Chairman, NAREDCO India, said, “The real estate sector needs to work harder to uplift the affordable housing segment; so that the vision of ‘Housing for All’ is accomplished.” He also urged developers to take part in the State Government’s ST Bus Depot development initiative.
Dr Niranjan Hiranandani, Chairman, NAREDCO India, projected robust growth for the industry. “The real estate sector is estimated to be growing at 12 per cent, but in reality, it will grow by 15 per cent registering an unprecedented growth. Further, a relief in GST rates on cement, bricks will reduce the costs of affordable housing,” he said.
Pointing to the infrastructural momentum in the Mumbai Metropolitan Region (MMR), Dr. Hiranandani added, “We will have 300 kms of Metro completed in the next four years. The increased rail and metro connectivity, upcoming second and the third airports and a port surrounding MMR, will boost the prospects of the real estate sector.” He also underlined the need for further ease-of-doing-business measures, reduction in development charges and additional reforms to support the industry.