Mumbai: The Brihanmumbai Electric Supply & Transport (BEST) Undertaking is hoping to lease out 35 high-end apartments on Altamount Road, which have functioned as its staff quarters for decades, in a bid to fund its operations and trim losses.
A tender inviting bids from companies interested in leasing the flats was floated last week, with ₹263 crore as the base price for leasing all 35 flats for a 30-year period, which can be extended by another 30 years. Bids lower than the base price will not be considered, according to the tender document, of which Hindustan Times has a copy.
“We are targeting companies which are looking for residential premises for their senior management at an upmarket location,” a senior BEST official told HT.
The 35 apartments are spread across two wings of a building adjacent to Antilia, the residence of Reliance Industries chairman and managing director Mukesh Ambani. Some of them currently house senior officials of BEST while most are unoccupied, said sources in the electric supply and transport utility.
The premises can only be used for residential purposes and no subleasing would be allowed, the tender document mentions. The lessee would be responsible for maintenance and repairs and may modify the premises without adding any built-up area, it adds.
The lessee would also be allowed to redevelop the property in case the Brihanmumbai Municipal Corporation (BMC) certifies the need for the same during the lease period, the document states.
“Such reconstruction must adhere to and not exceed the built up area as specified in the original occupation certificate and sanctioned building plan at the time of reconstruction,” it adds.
The decision to lease out the staff quarters comes at a time when BEST’s cumulative losses have mounted to ₹9,500 crore. The cash-strapped utility had, earlier this year, made public its plans to lease out land at all 27 bus depots across the city, hoping to raise at least ₹10,000 crore. Several civil society groups and activists have opposed the move.
Bus fares were also hiked in May to alleviate the utility’s financial woes, but the move has not helped much, said officials.