The Maharashtra State Road Development Corporation (MSRDC) is all set to capitalize on a substantial land parcel spanning 28 acre in Bandra Reclamation along the Western Express Highway (WEH). This land parcel is slated for development, and MSRDC is actively seeking a construction/development agency to lead this project. Of the total 28 acre, 24 acre is available for immediate development, while the remaining 4 acre is designated with reservations, awaiting necessary permissions for subsequent integration into the project, as per an Indian Express report.
The anticipated revenue for MSRDC from the potential sale of developed areas within this parcel is a minimum of Rs 8,000 crore. MSRDC intends to establish a revenue-sharing model with the appointed agency. Plans include the creation of a mixed-use space, blending residential and commercial zones, with the detailed master plan entrusted to the selected agency. Regarding ownership, MSRDC aims to retain its rights over the land but intends to lease it for a significant period- initially 60 years, extendable for another 30 years and potentially an additional nine years, subject to MSRDC’s conditions.
The land handover will take place in two phases. Phase-1, covering an area of 22,596.38 square meter (over 5 acre), will be relinquished first, with MSRDC’s office space moving to a ready-to-move alternative within 30 days of notice. Phase-2 involves transferring the larger chunk- 75,925.26 square meter (over 18 acre)- currently occupied by a casting yard. This phase’s handover is scheduled within four and a half years from the agreement signing, extendable by six months at MSRDC’s discretion, without penalties. The projected completion deadline for the entire project is set at 10 years.
MSRDC has sought concessions from the Government of Maharashtra, requesting a 10% reduction in various premiums. If these concessions are not granted, the project-executing agency will be responsible for covering the costs, with any additional expenses factored into the revenue-sharing arrangement.
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