Mumbai, July 14 -- The cash-strapped Maharashtra State Road Transport Corporation (MSRTC) has proposed commercialising its 251 bus depots across the state under the public-private partnership (PPP) model, with the aim of earning around Rs.600 crore annually in rental income from the redeveloped properties, according to officials familiar with the matter. MSRTC officials presented the proposal to chief minister Devendra Fadnavis on Monday, who directed them to submit it to the state government with all necessary details for approval. The proposal is the latest in a series of attempts to monetise MSRTC's depots to improve the loss-making corporation's finances. The corporation first unveiled a depot redevelopment policy nearly two decades ago, with lease periods capped at 30 years. Around 45 bus depots were redeveloped under that policy. Under the new proposal, the lease tenure has been extended to 98 years to make the projects more attractive to private developers, officials said. However, to ensure that depots in rural areas are also upgraded, developers will have to take up one depot in an urban area, one in a tehsil, and one in a village. Transport minister Pratap Sarnaik, who attended Monday's meeting, said MSRTC would retain ownership of the land. "We have appointed a consultant to review the PPP model. In our proposed model, MSRTC will continue to hold ownership rights on the lands of bus depots and will get additional space in newly constructed complexes. As per our estimates, we will get Rs.600 crore annually out of rent from these properties, which will strengthen the finances of the MSRTC and infrastructure without spending money," said Sarnaik. Minister of state Madhuri Misal and MSRTC vice-chairman and managing director Dr Madhav Kusekar were also present at the meeting. After reviewing the proposal, Fadnavis directed MSRTC to undertake the redevelopment of bus depots in a phased and planned manner, with separate plans for each depot based on its potential and local requirements. He also asked the corporation to submit the proposal to the state government for approval. "Submit a proposal to the cabinet regarding incentives to be extended to developers under the PPP policy. Revenue generated from financially viable redevelopment projects should be deposited into an escrow account and utilised for the development of other depots and infrastructure projects," Fadnavis is said to have told MSRTC. The chief minister also stressed the need to integrate bus depots with metro rail and other public transport systems to create multimodal transport hubs that offer seamless connectivity for commuters, officials said. The move comes at a time when the state-run transport undertaking continues to grapple with mounting losses. For the financial year 2025-26, MSRTC reported a loss of Rs.591 crore, with revenue of Rs.11 crore....