In a bid to modernise and monetise its real estate, the Brihanmumbai Electricity Supply and Transport (BEST) undertaking is looking to hire the World Bank Group’s member organisation International Finance Corporation (IFC) as its advisory partner, reports the Indian Express. The upgradation will receive financing from the World Bank and was confirmed by General Manager Lokesh Chandra.
Unlike previous monetisaton plans, BEST is looking to go in for competitive bidding this time to ensure that the undertaking receives its revenues. The Kurla and Oshiwara depots and Mahim Bus Station were handed out to private parties and at least Kurla and Mahim have been redeveloped but BEST is yet to receive the ₹300 crore revenue due to the builders landing up in front of the National Company Law Tribunal (NCLT). In these projects, part of the land is awarded to private parties to build on. Since permissions were granted in the initial stage, development on the commercial sections were carried out first.
Currently only one depot has been completely redeveloped – the Kurla Depot, located at the junction of Lal Bahadur Shastri Marg (LBS Marg) and Santacruz-Chembur Link Road (SCLR). The depot was damaged in the floods of 2005 and was subsequently redeveloped by Kanakia as part of its project Kanakia Zillion.
Among the bus stations that were redeveloped, there is the Seven Bunglows (Saath Bangla) Bus Station on JP Road in Andheri (West) that was redeveloped in 2004-2005 as the G7 Shopping Centre. There is the long-delayed redevelopment of the Marol Maroshi Bus Station near the Seven Hills Hospital in Andheri (East) as well. I’m personally not aware of who the developers of these two are. Kanakia was awarded redevelopment of two bus stations, the Versova-Yari Road Bus Station in Andheri (West) which has been redeveloped into a residential project called Kanakia Hollywood with a bus station on the ground floor and the Mahim Bus Station in Mahim (West) which was redeveloped as part of Kanakia Miami.
Featured Image: Kurla Depot at Kanakia Zillion (Photo: Architect Rushikesh H)
