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The Brihanmumbai Electric Supply & Transport (BEST) Undertaking recently floated a tender seeking corporate bids to lease its 35 upscale staff apartments on Altamount Road for a three-decade term, starting at a base price of INR 263 crore. Located beside Mukesh Ambani's Antilia, a few units are currently occupied by senior BEST officials, though most remain vacant. The tender stipulates residential-only use, forbids subletting, and places maintenance, repairs and potential redevelopment (if approved by BMC) on the lessee. This move comes as BEST battles mounting cumulative losses nearing INR 9,500 crore while eyeing earlier land leasing plans and fare hikes to shore up finances.
The Brihanmumbai Electric Supply and Transport (BEST) Undertaking has put 35 of its staff quarters located on Mumbai's Altamount Road up for lease. The public utility is inviting corporate bids through a tender that offers a lease period of 30 years, with a starting value of INR 263 crore. The lease can be extended for another 30 years with mutual agreement. Advertisement
The property, situated on one of Mumbai's most expensive streets, is next to Antilia, the residence of Mukesh Ambani. The site includes a ground-plus-six storey residential building that houses 35 flats. Some of these flats are currently occupied by senior BEST officers, but the majority are vacant. Despite being considered prime real estate, the flats have remained underutilized for years.
The tender document specifies that the premises can only be used for residential purposes and cannot be sub-let. The lessee will be responsible for all repair and maintenance work. While interior alterations are permitted, redevelopment of the structure will be allowed only if it stays within the existing footprint and receives approval from the Brihanmumbai Municipal Corporation (BMC) based on sanctioned plans and the occupation certificate.
This step is part of BEST's ongoing effort to reduce its financial burden. The utility has accumulated losses amounting to INR 9,500 crore. Earlier, BEST had announced plans to lease land from its 27 bus depots across the city, expecting to raise around INR 10,000 crore through the initiative. The undertaking also increased bus fares earlier this year in another attempt to improve revenue.
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