Maharashtra Government Approves Conversion of Leasehold Land for Mah Metro Projects
The Maharashtra government has approved the conversion of over 2.1 lakh square meters of leasehold land into ownership for Mah Metro projects, allowing for commercial use, including affordable housing, hospitals, and educational institutions.
Approval for Conversion of Leasehold Land
In a recent decision, the Maharashtra government has given the green light for the conversion of leasehold land into ownership for Mah Metro projects. This move will enable commercial activities such as affordable housing, hospitals, and educational institutions.
Benefit for Mah Metro Projects
The decision, made in the last week of April, will benefit Mah Metro projects in Nagpur, Pune, and Pimpri-Chinchwad. By allowing commercial use, Mah Metro can generate funds to meet its financial obligations, including loan repayments.
Transfer of Land
Previously leased to Mah Metro for 30 years, a total of 2,10,755 square meters of land will now be transferred to ownership without conditions. This includes parcels from Nagpur Municipal Corporation, Nagpur Improvement Trust, and Pune Municipal Corporation.
Financial Viability of Projects
With only 50% of revenue coming from passenger fares, commercial development of land is crucial for the financial viability of Mah Metro projects. Converting the land into ownership will enable the development of projects like affordable housing near metro stations and skill development centers for youth employment.