India, March 28 -- The BEST undertaking has cancelled a tender to lease flats on a plot it owns at Altamount Road. A long-term lease on these flats would have fetched Rs.263 crore for the cash-strapped undertaking, which is hoping to monetise its properties, including space at its bus depots across the city.

The tender in question was cancelled on March 25. "The tender for allotment of 15 flats from A wing and 20 flats from B wing of Altamount Road in Cumballa Hill listed for long-term lease has been cancelled," confirmed a BEST spokesperson on Friday.

The undertaking had planned to convert the 2,475.07-sq m of plot into a residential zone and lease it to third parties as part of its asset monetisation plan, as reported by Hindustan Tim...