THE MAHARASHTRA State Road Transport Corporation (MSRTC) has set a reserve price of Rs 2 crore as the annual premium lease license fee for interested bidders for its Borivali Nancy Colony bus port redevelopment project.
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This premium amount will increase by 4% compounding rate of interest every year.
In case of a delay in payment of the annual lease premium, a penal interest rate of 12% per annum (compounding rate of interest) will be levied on the outstanding amount for the number of days of delay.
The redevelopment project will be taken up through a Public Private Partnership (PPP) model.
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