Maharashtra invites developers to develop 3,360 acres of MSRTC land bank
Government to fast-track MSRDC Bus Depots Developments across District, Taluka & Rural Levels: Pratap Sarnaik, Maharashtra Transport Minister
Mumbai, February 11: Maharashtra Transport Minister Pratap Sarnaik announced that the State’s MSRTC’s bus depots will be taken on a fast-track mode and developed across District, Taluka and Rural areas level and for the entire development, the Government would float about 150 to 160 tenders soon. He was speaking at the NAREDCO NextGen Conclave 2025 organised by NAREDCO NextGen in Mumbai.
The Minister delivered a keynote address, highlighting that MSRTC holds a vast land bank of approximately 3360 acres. He further informed that in order to develop the MSRDC Bus Depots, the Government has appointed a well-known architect Hafeez Contractor to come up with a presentation to develop the plan. He emphasized the need to develop these strategically located landbanks and urged the State’s developers to come forward to develop the commercial or residential premises.
Stating that MSRDC will be made a Planning Authority to execute the project, Mr Sarnaik said, “MSRDC will be made a planning authority and it will sanction the plans under one roof. For the same, MSRDC’s technical team capacities will be built.”
Appealing the developers to look for real estate development opportunities beyond the urban areas or select cities, the Minister stated that the developers should take interest in developing real estate even in the rural areas for developing the State. He informed that the land bank in areas such as Lonavala – Khandala, Mahabaleshwar where new DCPR rules are not applicable due to forest and no-development zones, but a major portion of the land will come under the ambit of new DCPR, which will provide adequate FSI for new development. Additionally, efforts are underway to extend the land lease period from 60 years to 90 years.
Mr. Sarnaik also officially launched the NAREDCO NextGen ‘Digital Learning Hub’ at the prestigious NAREDCO NextGen Conclave 2025, held at the JIO Convention Centre in Mumbai. This innovative online learning platform is designed for young real estate professionals, offering comprehensive insights into emerging trends, cutting-edge technologies, and the latest policy updates. The platform aims to collaborate with top institutions across the country to offer certification programs, empowering the next generation of real estate leaders with the knowledge and skills needed to thrive in an ever-evolving industry.
NAREDCO NextGen Conclave 2025, a transformative event was designed to empower the next generation of real estate leaders. It provided a dynamic platform for young visionaries, industry disruptors, and emerging decision-makers to engage in thought-provoking discussions, foster innovation, and collaborate on strategies for a sustainable and inclusive future. The event discussed various Real Estate trends, growth avenues, AI revolution and the impact of Budget 2025 on the real estate industry.
In his welcome address Jay Morzaria, National Chairman, NAREDCO NextGen welcomed the August gathering of dignitaries to the NAREDCO Conclave 2025. This conclave is a platform for deliberating on ideas, collaboration, and progress. The discussions will tackle key challenges and trends, from policy and finance to technology and evolving buyer needs.
Dr. Niranjan Hiranandani, Chairman of NAREDCO, highlighted the positive impact of RERA in dispelling misconceptions about the real estate industry. He emphasized how the regulatory framework has brought greater transparency, accountability, and trust among stakeholders. Furthermore, he spoke about the role of innovation in shaping the future of the industry, particularly through the younger generation. He acknowledged that fresh and creative ideas often emerge from individuals under the age of 30, especially in the realm of social media and digital transformation. He encouraged industry leaders to learn from the younger generation, leveraging their insights and technological expertise to drive progress and enhance market outreach.
Rajan Bandelkar, Vice Chairman, NAREDCO praised the Prime Minister and the Finance Minister’s efforts to unleash a wave of transformation in the Indian Real Estate Industry through reforms and tax rationalization. He also cautioned the industry to take a note of issues such as global warming, SWACHH Bharat and a holistic use of AI for technology adoption. Mr Bandelkar also anticipated the sector’s continued focus on affordable housing as a demand driver.
Hari Babu, President, NAREDCO stated that the new tax regime will usher fresh investments by the tax payers into the real estate sector impacting the demand for affordable housing. He further emphasized the need for greater women’s participation in real estate, recognizing their role in driving innovation and industry growth. He also highlighted the impact of urban migration, stressing the need for sustainable planning to meet rising housing and infrastructure demands in cities.
The newly elected committee members of NAREDCO NEXTGEN have been announced. Rishabh Siroya, Vishal Thakker, Pratik Kataria have been elected as Vice Presidents whereas Aditya Boddu and Eamani Prathap Reddy become Vice President – Elect and Chintan Vasani is elected as Joint Treasurer.
The event concluded with the announcement of NAREDCO Maharashtra Annual Members Meet 2025 on 15th and 16th February at Taj Cidade De – Goa, where over 200 members will be attending the meet.
