BEST plans to lease a 2,475 sqm plot in Mumbai’s Walkeshwar area, reclassified from utility to residential, aiming to reduce financial losses
BEST Plans to Monetize Land at Walkeshwar
MUMBAI: The Brihanmumbai Electric Supply and Transport Undertaking (BEST) is set to monetize a prime land parcel at Walkeshwar, following its plans for Altamount Road. The BEST’s parent body, the BMC, is amending the reservation of the plot for better financial returns.
Proposal for Land Reclassification
The General Manager of BEST formally requested to reclassify the land at Malabar Hill, Nos 1B/669, from its current designation for electrical and bus facilities to a residential zone. This request was made through a letter dated December 5, 2025, addressed to the Municipal Commissioner. This notice was published by the BMC a day after the civic elections’ model code of conduct came into effect.
State Approval and Current Use
The notice states that the order to convert the plot’s reservation to residential came from the state’s urban development department last month. The plot, measuring 2,475.07 square meters, is located between Teen Batti and Banganga. It currently hosts an electricity transmission and distribution substation, a BEST bus depot, and multi-storied staff quarters for senior officials of BEST.
Financial Goals and Opposition
BEST officials aim to raise at least a couple of hundred crores by leasing out the plot. The utility, facing cumulative losses exceeding ₹9,500 crore, plans to lease land at all its 27 bus depots. However, civil society groups and activists have strongly opposed these plans.
Previous Leasing Efforts
In August, Hindustan Times reported that BEST had put its staff quarters at Altamount Road on a 30-year lease, extendable for another three decades. The base price was set at ₹263 crore, and the lease included a clause allowing the lessee to redevelop the property.
Current Lease Status
Sources from BEST indicated that the C wing of the Altamount Road staff quarters has been taken over by Sikka Ports and Terminals Ltd, a subsidiary of Reliance Industries. Mukesh Ambani, the chairman and MD of Reliance Industries, resides in Antilia, which shares a boundary wall with the BEST property.
| Detail | Information |
|---|---|
| Location | Walkeshwar, Malabar Hill |
| Plot Size | 2,475.07 square meters |
| Current Use | Electricity substation, bus depot, staff quarters |
| Financial Goal | Raise a couple of hundred crores |
| Cumulative Losses | Over ₹9,500 crore |
| Lease Price at Altamount Road | ₹263 crore |
