Mumbai, July 13 (IANS) In a major push to make the Maharashtra State Road Transport Corporation (MSRTC) financially self-reliant, Chief Minister Devendra Fadnavis on Monday directed officials to execute a well-planned redevelopment of ST bus depots to boost revenue.

The Chief Minister emphasised that a customised development blueprint should be drafted for each depot, taking into account its specific capacity and commercial potential.

He also instructed the department to urgently submit a strategic policy proposal to the Cabinet to fast-track the redevelopment through the Public-Private Partnership (PPP) model. The directives were issued during a high-level review meeting of the Transport Department chaired by Fadnavis at his official residence, ‘Varsha’.

Fadnavis stated that the redevelopment must not follow a one-size-fits-all approach; instead, distinct planning is required for each depot based on its unique commercial viability.

He instructed that revenues from financially viable projects be deposited into an escrow account, ensuring these funds are used exclusively to finance other development projects.

Furthermore, he said a comprehensive proposal detailing the incentives to be offered to developers under the PPP policy should be tabled before the Cabinet for formal approval. To protect public assets, the government is considering a “49 + 49 years” lease model.

The Chief Minister noted that this framework ensures that the land remains permanently owned by the MSRTC while maximising its long-term commercial value.

The Chief Minister also directed officials to examine the legal aspects concerning stamp duty exemptions for these projects to attract premium developers.

Intending to provide passengers with seamless and uninterrupted public transit, Fadnavis instructed officials to prioritise integrated planning.

He called for the development of Multimodal Transport Hubs by interconnecting ST bus depots with the Metro network and other public transportation systems, transforming the commuter experience across the state.

–IANS

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