MSRDC will lease land parcels in Pune and Raigad for 60 years, raising more than Rs 358 crore.
The Maharashtra State Road Development Corporation (MSRDC) intends to lease two properties totaling around 87 acres in Pune and Raigad districts. The corporation intends to raise more than Rs 358 crore through leasing rent and a one-time lease premium for the two plots over the course of a 60-year contract.
MSRDC, whose primary aim is infrastructure development in Maharashtra, would invest the cash obtained in such initiatives.
Pune parcel
The Pune land lot is located in the Mangalwar Peth neighborhood of Central Pune, adjacent to the Pune airport and train station.
The land parcel is 8,900 square meters in size or little more than 2 acres.
The corporation expects to generate a lease rent of Rs 53.40 crore over the 60-year period of the agreement. Further, the lessee will also have to pay a one-time lease premium of Rs 120 crore to the lessor (MSRDC), according to the tender document floated by MSRDC.
Raigad parcel
Similarly, in the case of Lodhivali, a town in Raigad district, the land parcel is around 15 kilometers from the Kalamboli railway station and adjacent to the Patalganga industrial zone. It is flanked by a variety of industries, warehouses, and a logistics center.
The land tract is approximately 345,950 square meters in size or around 85 acres.
The corporation expects to earn Rs 20.75 crore in lease rent over the next 60 years, and the lessee would have to pay a one-time lease premium of Rs 164 crore to the lessor, according to the tender document.
“The lessee will have to deal with local planning authorities and plan activity and seek permissions accordingly.” The Pune Metropolitan Region Development Authority (PMRDA) is the planning authority for the Pune land parcel, and the MSRDC is the planning authority for the Lodhivali land parcel,” a senior MSRDC official told Moneycontrol.
The deadline for applying for the Lodhivali land parcel is September 13, and the deadline for applying for the Pune land parcel is September 21, according to the tender document.
Scope for commercial development
“The Mangalwar Peth area is an old, congested area, and developers may be hesitant to build new residential buildings there.” However, the region is centrally placed, in the core of the city, and has considerable potential for commercial development if the scale is sufficient. “There aren’t many land deals in Central Pune because the majority of land is owned by government agencies,” said an unnamed Pune-based real estate developer.
“The 8,900 sq mts is roughly 1 lakh sqft, which means 8-9 lakh sqft of commercial office space could be built there.” “It is pretty obvious that there will be similar development potential for the Lodhivali land parcel (in Raigad) because there are warehouses, a logistics hub, and industries nearby,” the developer stated.
