MSRDC floats an expression of interest to lease 1.54 acre in Mumbai
Real Estate

MSRDC floats an expression of interest to lease 1.54 acre in Mumbai

Maharashtra State Road Development Corporation (MSRDC) has floated an expression of interest to lease a plot on the Nepeansea Road in Mumbai in a bid to raise funds for its Mumbai-Nagpur Samruddhi Corridor project.

At Rs 5 billion, the land is spread over 1.54 acre and will be leased for a duration of 60 years. The corridor will be constructed at an approximate cost of Rs 490 billion, under MSRDC which is the nodal agency for the same.

The Maharashtra Government had initially adopted a policy of funding big-ticket infrastructure projects through off-budget borrowings. 

Apart from MSRDC, the Mumbai Metropolitan Region Development Authority (MMRDA) has also made an attempt to generate revenue for its projects by leasing out its properties. It recently combined two plots - C-44 and C-48 in Bandra Kurla Complex’s G Block as one land parcel and floated a tender to lease out the same, in an attempt to gather Rs 10.33 billion.