The Maharashtra State Road Development Corporation (MSRDC) plans to put two plots in Pune and Raigad district, both measuring around 87 acres, up for lease. The corporation plans to raise over Rs 358 crore by way of lease rent and a one-time lease premium for the two plots, for a 60-year contract.
MSRDC whose core focus is construction of infrastructure in Maharashtra, will invest the funds raised in such projects.
The Pune land parcel is located in the Mangalwar Peth area of Central Pune and is in close proximity to both the Pune airport and railway station.
The size of the land parcel is 8,900 sq mts, which is a little over 2 acres.
The corporation expects to generate 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.
Similarly, in the case of Lodhivali, a town in Raigad district, the land parcel is located around 15 km away from Kalamboli railway station and is in close proximity to the Patalganga industrial zone. It is surrounded by various industries, warehouses and a logistics hub.
The land parcel measures around 345,950 sq mts or around 85 acres.
The corporation aims to generate Rs 20.75 crore lease rent over 60 years and the lessee will have to pay a one-time lease premium of Rs 164 crore to the lessor, the tender document added.
“The lessee will have to deal with local planning authorities and plan activity and seek permissions accordingly. The Pune land parcel has Pune Metropolitan Region Development Authority (PMRDA) as the planning authority and the Lodhivali land parcel has MSRDC itself as the planning authority,” a senior MSRDC official told Moneycontrol.
The last date to apply for the Lodhivali land parcel is September 13 and for the Pune land parcel it is 21 September, the tender document added.
Scope for commercial development
“Mangalwar Peth area is an old, congested area and developers might not want to construct new residential buildings there However, the area is centrally located, in the heart of the city, and has good scope for commercial development provided there is enough scale. There are not many land deals happening in Central Pune as the majority of land is owned by government agencies,” said a Pune-based real estate developer, who did not wish to be named.
“The 8,900 sq mts is roughly around 1 lakh sqft, which means around 8-9 lakh sqft of commercial office space may come up there. For the Lodhivali land parcel (in Raigad), it is pretty obvious that since there are warehouses, a logistics hub and industries around, there will be similar development potential,” the developer added.