To monetise land banks, MSRDC looks for expert real estate consultants
To fund mega projects like Samruddhi Mahamarg, Versova-Bandra Sea Link, Thane creek bridge and Konkan coastal road, the Maharashtra State Road Development Corporation (MSRDC) is looking at ways to optimally monetise its land banks. The land parcels owned by or transferred to the MSRDC are basically known as land banks because they offer several revenue generating opportunities.
Looking for princely earnings, the agency has floated a tender, inviting expert real estate consultants to help the MSRDC in monetising its land banks as per market value. The bidding process is open till June 24, while those interested have to deposit Rs 10 lakh as total earnest money.
Currently, the MSRDC has land banks at prominent places like Mumbai’s Nepean Sea Road, Bandra Reclamation, Pune, and adjacent land along the Mumbai-Pune Expressway.
Speaking about the money making plan, an MSRDC official said that with the appointment of a real estate consultant, the agency will get a fair idea of prevailing market conditions. “Earlier, the MSRDC had planned to lease out a land parcel of Nepean Sea Road. However, due to poor response the proposal was put into cold storage. To prevent such a failure, the MSRDC plans to appoint an expert consultant, who can plan a strategy. Leasing out land parcels to the right party is not so easy, especially in Mumbai where the price of land is high,” he explained.
However, the futuristic Samruddhi Mahamarg is an exceptional case as a separate land development authority has been appointed for it, given the bright future avenues. The move was resorted to considering the rapid development of the IT industry after the coming up of Mumbai-Pune Expressway, the official said.
As per the existing government resolution, the MSRDC can lease out its land parcels for 60 to 90 years, with no ownership rights to the allottee.