Mumbai's BEST Panel Highlights Revenue Loss from Undervalued Rents and Poor Property Maintenance
BEST panel finds undervalued rents, poor upkeep; flags revenue loss
Hindustan Times
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A committee from the Brihanmumbai Electric Supply and Transport (BEST) in Mumbai has identified significant undervaluation of rents and inadequate upkeep of properties, leading to substantial revenue losses. The findings, presented by Chairperson Trushna Vishwasrao, emphasize the need for immediate action to enhance non-fare income.
- 01BEST committee reveals widespread undervaluation of rents in Mumbai.
- 02Properties are poorly maintained, contributing to revenue losses.
- 03Inconsistent pricing observed in Kandivali, with significant discrepancies.
- 04Unused plots in Mulund and Ghatkopar highlight missed revenue opportunities.
- 05State government mandates BEST to generate 40% of revenue from non-fare sources.
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A recent inspection by a committee from the Brihanmumbai Electric Supply and Transport (BEST) in Mumbai has uncovered significant issues regarding property management, including undervalued rents and poor upkeep. Chairperson Trushna Vishwasrao led the committee, which included members from various political parties, to inspect properties in Kandivali, Ghatkopar, and Mulund. They discovered that rents for similar units varied drastically, with some units priced at ₹149 per sq ft while adjacent ones were offered at ₹69 per sq ft. This inconsistency reflects a lack of attention from previous administrations, according to BJP leader R Gupta. The committee also noted that a 6,400 sq ft plot in Mulund has been unused since 2019, with potential earnings estimated at ₹7 lakh per month, significantly higher than the current valuation of ₹4.8 lakh. In Ghatkopar, a 5,500 sq ft plot has remained idle since 2007, resulting in ongoing revenue losses. Officials acknowledged that lease rates were based on outdated market benchmarks and committed to reassessing current rates. The urgency of these findings is underscored by the state government's directive for BEST to generate at least 40% of its revenue from non-fare sources. Vishwasrao emphasized the importance of valuing public assets appropriately to reduce reliance on grants and loans.
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The findings could lead to improved revenue for BEST, which may enhance public services and infrastructure in Mumbai.
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