MSRDC to monetise land parcels in Mumbai

Mumbai: The Maharashtra State Road Development Corporation (MSRDC) will float an expression of interest (EoI) for the proposed parcels of land that are to be monetised to raise funds for its major projects.

The land near the Bandra-Worli Sea Link will be the first of 20 parcels of land that will be monetised. This land measures 23 acres.

The MSRDC has 20 lands, which it will lease out as per requirements.  

The MSRDC has appointed Jones Lang La Salle (JLL) agency as consultant for the land monetisation. Joint managing director Vijay Waghmare said, “A decision will be taken based on the suggestions given by the appointed agency. Very soon, we will publish the EoI regarding this land.”

Mr Waghmare said that the cost for monetisation has not yet been decided, adding that the rates would be decided as per the market price.

The Bandra-Worli Sea Link land, which will go for monetisation first, is located close to the MSRDC office.

The second land has already been given on lease for the Mumbai Metro work, which will expire soon.

There is a third land parcel, a 1.5 acre land parcel in the upmarket Nepean Sea Road, will also be up for monetisation in the near future.

According to an official, as per the new Government Resolution (GR), these lands will be given on lease for 60 to 90 years. Land will be given out on lease in parcels in order to ensure that none could own the entire land.