The Maharashtra State Road Development Corporation (MSRDC) is planning to lease out two land parcels totalling 12,638 sq mt, near Lonavala on Mumbai-Pune Expressway. It had recently floated tender seeking developers interested in the land development project.
The deadline to submit bids is December 9 and the earnest money deposit is Rs 50 lakh. While one parcel is 9,358 sq mt, with built-up potential of 3,442 sq mt, the second adjacent plot is 3,280 sq mt. One MSRDC official said on condition of anonymity that the real estate market is reportedly showing some impressive progress across Maharashtra. “We believe we should get developers for these land parcels, too, which will eventually draw good revenue.
In the last two to three years, the market has been down and that’s why we had not come up with this land leasing proposal,” he said, adding revenue from it will be diverted to the ongoing infrastructure projects. As the proposed land parcels are located near Lonavala, interested parties can develop the property from the tourism point of view as well, said the official.
Prior to the pandemic, the MSRDC had issued a tender to lease out its Nepean Sea Road office land parcel, situated in the heart of Mumbai. However, the Covid-induced lockdown broke the deal and it had to be put on a backburner. At Nepean Sea Road, the MSRDC wanted to offer nearly 1.54 acres (67,082.4 sq ft) on a 60-year lease.