Maharashtra Government to Open Tenders for 98 Years’ Lease of ST Bus Depots in the Next Month

~ Bus Depots to be Developed as Bus Ports ~

Mumbai, September 26, 2025: Mr Pratap Sarnaik, Hon. Minister of Transport, Government of Maharashtra announced that the State Government would open the tenders to develop Bus Depots across Maharashtra for a long – term lease period of 98 years comprising of 49 years to be enhanced by another 49 years.  He was speaking at 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 today.

Addressing the ‘Real Estate Forum 2025’ organised on the sidelines of NAREDCO Maharashtra’s HOMETHON Property Expo, Mr Sarnaik further stated that the Maharashtra State Road Development Corporation Limited (MSRDC) has over 13,000 acres 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.” Mr Sarnaik called for the participation from the State’s real estate developers to participate in the tenders to develop these ST Bus Depots. He also 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.

The Minister mentioned that the State Government has been committed to an all-round development across the sectors and expected the real estate development to thrive in semi urban and rural areas to boost affordable housing.

Mr Rahul Bose, acclaimed Indian Actor and President, Rugby India who was a special guest at HOMETHON Property Expo 2025 called on the developers to 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.

Talking about the role of the real estate sector in the development, Mr Prashant Sharma, President of NAREDCO Maharashtra said, “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.”

Mr 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 called the real estate developers for participating in the State Government’s development plans for ST Bus Depots.

Dr Niranjan Hiranandani, Chairman, NAREDCO India said, “The real estate sector is estimated to be growing at 12%, but in reality, it will grow by 15% registering an unprecedented growth. Further, a relief in GST rates on cement, bricks will reduce the costs of affordable housing.” Calling the future of the real estate sector promising particularly in the Mumbai Metropolitan Region, 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 cited the need for further ease – of – doing – business, reduction in development charges and other reforms to support the sector.

Corporate Comm India (CCI Newswire)