MUMBAI, 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 Times on December 17, 2025. However, the plan was opposed by citizen groups and its staff amid growing scrutiny over handing over land to private developers. Even though the reservation has not been altered, BEST sources said C Wing of the Altamount Road plot, housing eight plush flats and a receiving substation, has been leased for 30 years to Sikka Ports and Terminals Ltd, a wholly owned subsidiary of Reliance Industries. A receiving substation is a key part of the power grid that takes high-voltage electricity from the main transmission lines and transforms it into usable voltages for distribution to homes, offices etc. This plot is meant for emergency services. In October 2025, activists and civil society had flagged concerns over rising monetisation of public land in Mumbai, later submitting a white paper to the Maharashtra government seeking transparency and safeguards. In the same month, chief minister Devendra Fadnavis directed the BEST to ensure that the undertaking generate at least "40% non-fare box revenue" and not depend entirely on the state and BMC for funding. The plan to monetise its properties comes at a time when the BEST's cumulative losses have mounted to Rs.10,000 crore....