Maharashtra Government to Develop ‘Bus Ports’, Tenders for Long Lease Next Month

Maharashtra Transport Minister Pratap Sarnaik lights the lamp during the inauguration of Naredco Maharashtra’s Homethon Property Expo 2025. Also present are Naredco India Vice Chairman Rajan Bandelkar, Naredco Maharashtra President Prashant Sharma, Naredco India Chairman Dr. Niranjan Hiranandani.

Mumbai, September 27, 2025: Maharashtra Transport Minister Pratap Sarnaik has announced that the state government would open the tenders to develop bus depots across Maharashtra for a long-term lease period of 98 years — 49 years to be enhanced by another 49 years. He was speaking at the inauguration of the fourth edition of Homethon 2025, a 3-day mega property exhibition organised by Naredco Maharashtra at the Jio World Convention Centre in Mumbai.

Addressing the Real Estate Forum organised on the sidelines of the exhibition, the minister went on to say 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.”

The minister called for the participation from the state’s real estate developers in the tenders to develop these ST Bus Depots. He also informed that a Pod Taxi will soon start playing in Bandra – Kurla Complex and enter into other parts of Mumbai Metropolitan Region line Mira-Bhayandar, and Thane.

Actor and Rugby India President Rahul Bose, a special guest at Homethon Property Expo 2025, called on 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.

Naredco Maharashtra President Prashant Sharma said, “The real estate sector is rapidly getting organized 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.”

Naredco India Vice-Chairman Rajan Bandelkar 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.”

Naredco India Chairman Dr Niranjan Hiranandani said, “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.” Calling the future of the real estate sector promising particularly in the Mumbai Metropolitan Region, Dr Hiranandani added, “We will have 300 km 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.”