Mumbai’s real estate sector is set for a new wave of opportunities as the state government prepares to lease nearly 13,000 acres of land belonging to the Maharashtra State Transport Corporation (MSRTC) for bus depot development. Transport Minister Pratap Sarnaik announced on Friday that tenders for the project will be floated next month. The land parcels, located in Mumbai’s Kurla and Borivali along with several other cities in the state, will be leased out for 98 years, replacing the earlier 30-year limit.
Sarnaik made the announcement while inaugurating the three-day Homethon Property Expo 2025 at the Geo World Convention Center in Mumbai. The event has been organised by the Maharashtra chapter of the National Real Estate Development Council (NAREDCO). Actor and Rugby India President Rahul Bose and NAREDCO India President Dr Niranjan Hiranandani were among the dignitaries present.
According to Sarnaik, the model of development will draw inspiration from Gujarat, where similar land parcels have been transformed into modern bus depots and commercial spaces. He urged developers across Maharashtra to participate in the ambitious project. The minister also revealed that pod taxis will soon be introduced in the Bandra-Kurla Complex and later expanded to Mira-Bhayander, Thane, and other parts of the Mumbai Metropolitan Region.
Rahul Bose, addressing the gathering, appealed for greater focus on low-cost housing so that all income groups can enjoy a dignified standard of living in Mumbai’s challenging urban environment.
Dr Hiranandani expressed optimism about the sector’s trajectory, predicting real estate growth at 15 percent despite official estimates of 12 percent. He also stressed that lowering the GST on cement and bricks could further reduce housing costs. With 300 km of metro lines set to become operational in the next four years, coupled with new airports and ports, Hiranandani said infrastructure growth would directly fuel real estate opportunities.
NAREDCO leaders echoed the sentiment, calling for reforms in permits and charges to unlock the sector’s full potential. NAREDCO Maharashtra President Prashant Sharma underlined the theme Reimagining Maharashtra: Global Alliances to Local Impact, while Vice President Rajan Bandelkar urged the industry to focus more on strengthening affordable housing.
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