MUMBAI, July 8 -- The BEST plans to give 23 of is 27 bus depots, a land bank of 132 acres, to private entities on long-term lease, a proposal that could see museums, residential towers, sports facilities and shopping complexes on its property. The lease period would range from 30 to 60 years. The cash-strapped BEST administration says the revenue it will earn from monetising its depots on a public private partnership (PPP) model will fund the purchase of 5,000 buses it needs to add to its fleet. The argument is being questioned by some in the BEST committee and, even as concerns linger, the BEST administration is set to present the proposal to the committee for review. It has already made a presentation to the chief minister and, if the committee approves the plan, it will be forwarded to the state cabinet for its approval. Although the expected revenue from monetising its land bank has not been disclosed, BEST committee R Gupta says it could be upwards of Rs.5,000 crore. The BEST has already leased land on its depot at Versova, where a mall has been built, and at its Kurla and Mahim depots, which house residential towers. The proposed monetisation plan will incorporate museums, sports facilities, cultural spaces, modern residential complexes for employees, and social infrastructure. Basement parking has been proposed at every depot, according to a BEST official. "The administration hasn't yet placed the plan before the BEST committee but we know it has been presented to the chief minister. The BEST should revamp its own depots rather than lease them to private developers even though it needs the revenue," says BEST committee member Nitin Nandgaonkar. Sources in the committee say a long-term lease is tantamount to virtually handing over prime real estate to private developers. "Once a massive project is built on BEST property, it will likely be a permanent fixture even though it's a PPP arrangement on paper," says a committee member. The BEST argues that losses are piling up. The administration says it needs to raise revenue to pay retirement dues to its employees and to purchase its own buses. The 5,000 buses it plans to add to its fleet would reduce its reliance on wet-lease operators, who currently contribute 2,517 buses of the BEST's fleet of 2,766....