Maharashtra Govt to Unlock 3,360 Acres of MSRTC Land for Development: Transport Minister Pratap Sarnaik

 

Mumbai: In a major boost to Maharashtra’s real estate and infrastructure sector, Shri Pratap Sarnaik, Minister of Transport, Government of Maharashtra, announced that the state will fast-track the development of 'Maharashtra State Road Transport Corporation' (MSRTC) bus depots across districts, talukas, and rural areas. The government plans to float 150 to 160 tenders soon for the project.

Speaking at the "NAREDCO NextGen Conclave 2025", held at the JIO Convention Centre, Mumbai, Shri Sarnaik revealed that MSRTC holds a vast land bank of approximately 3,360 acres. To develop these strategically located land parcels, the government has appointed renowned architect Hafeez Contractor to draft a comprehensive development plan.

A key policy shift was also announced, with MSRDC (Maharashtra State Road Development Corporation) being designated as the Planning Authority for the execution of these projects. This will allow MSRDC to sanction plans under one roof and enhance the efficiency of project approvals.

Appealing to real estate developers, Shri Sarnaik urged them to explore opportunities beyond urban centers. He highlighted areas like Lonavala-Khandala and Mahabaleshwar, where new DCPR (Development Control and Promotion Regulations) rules will facilitate higher FSI (Floor Space Index) for real estate development. Additionally, the government is extending land lease periods from 60 years to 90 years to attract long-term investment.

Shri Sarnaik also launched the NAREDCO NextGen ‘Digital Learning Hub’, an innovative online platform aimed at young real estate professionals. The hub will provide comprehensive insights into emerging trends, cutting-edge technologies, and policy updates, partnering with top institutions to offer certification programs.

The 'NAREDCO NextGen Conclave 2025' served as a key platform for industry disruptors and young visionaries to discuss AI, sustainability, affordable housing, and policy reforms.

Mr. Jay Morzaria, National Chairman of NAREDCO NextGen, welcomed the gathering, emphasizing that the conclave fosters collaboration and innovation to tackle industry challenges.

Dr. Niranjan Hiranandani, Chairman, NAREDCO, highlighted how RERA has brought transparency and trust in real estate and stressed the importance of digital transformation led by young professionals.

Mr. Rajan Bandelkar, Vice Chairman, NAREDCO, commended government reforms while urging the sector to focus on sustainability, Swachh Bharat, and AI-driven innovation.

Mr. Hari Babu, President, NAREDCO, predicted that the new tax regime would attract fresh investment into real estate, boosting affordable housing demand. He also stressed the need for women’s participation in shaping the sector.

The event featured two major panel discussions:

• "Financing the Future: Exploring Innovative Avenues for Growth" – Experts discussed how institutional investors have transformed real estate into a structured, investable asset class.
• "Real Estate 2030: Shaping the Future of Urban Landscapes" – Industry leaders explored the forces shaping sustainable urban development in the coming decade.

The newly elected leadership team of NAREDCO NextGen was announced, including: Rishabh Siroya - Vice President, Vishal Thakker - Vice President, Pratik Kataria - Vice President, Aditya Boddu - Vice President (Elect), Eamani Prathap Reddy - Vice President (Elect), Chintan Vasani - Joint Treasurer.

The event concluded with the announcement of the NAREDCO Maharashtra Annual Members Meet 2025, scheduled for February 15-16, 2025, at Taj Cidade De Goa, where over 200 members will gather to discuss industry growth and policy direction.

With the fast-tracking of MSRTC land development, the launch of a digital learning platform, and a renewed focus on innovation, sustainability, and governance, the 'NAREDCO NextGen Conclave 2025' marks a turning point in Maharashtra’s real estate sector. By unlocking 3,360 acres of land, boosting rural development, and empowering young real estate professionals, the state is set to drive sustainable urban growth and infrastructure modernization.