MSRDC to lease out South Mumbai plot to fund infra projects

The Maharashtra State Road Development Corporation’s (MSRDC) has decided to lease out a prime sea-kissing plot of land it owns on Nepean Sea Road to fund its key infrastructure projects, including the Bandra-Versova Sea Link and the Mumbai-Nagpur highway. The 1.54-acre plot next to Priyadarshini Park will be leased out for 60 years and is expected to fetch MSRDC upwards of Rs 600 crore. Whether the plot will be used for residential or commercial development will depend on the bids received. The new construction will kill the sea view of several plush residential buildings around the plot. Some housing societies had approached the Bombay High Court in 2004, opposing any construction on the plot. Their plea was upheld with the high court in 2007 ruling that since the land was classified under Coastal Regulation Zone-1 (CRZ-1) no construction could be allowed. The MSRDC, however, is undeterred. A senior officer, who did not wish to be identified, said the HC order pertained to a particular project and will have no bearing on MSRDC’s new initiative. He also said the developer who wins the lease bid will deal with the litigation.