Mumbai, July 5 -- With accumulated losses of Rs.9,500 crore hanging over its head, the Brihanmumbai Electricity Supply and Transport (BEST) undertaking plans to generate non-fare revenue by monetising over 300 acres of land at all its 27 bus depots across Mumbai. The public body has held meetings with the International Finance Corporation (IFC), an arm of the World Bank, to understand the potential of its monetisable assets, according to officials. BEST general manager SVR Srinivas confirmed the same, saying a meeting was held in mid-June with the IFC. BEST is open to both residential and commercial complexes coming up at its depots, provided it gets space for multi-tier (ground plus one) parking for its bus fleet, officials said. Its existing 27 depots can accommodate over 3,941 buses, while satellite parking at bus stations is meant for another 500-plus buses. As part of the proposal, BEST is seeking to increase the floor space index (FSI) to 4 or 5 from the existing 1.33, officials said, adding that the additional space will help in doubling the parking space for its buses in the city. FSI dictates the maximum permissible built-up area on a plot of land. "We have proposed an FSI of at least 4 for all our BEST depots," said a BEST official, requesting anonymity. "Moreover, we have proposed increasing the lease period from 30 years to 90 years. These factors would help us generate non-fare revenue." BEST authorities expect to earn over Rs.10,000 crore if these measures get a go-ahead. When asked about the total land available at depots and revenue generated from them, a BEST spokesperson said that the relevant departments do not have the data. Former BEST committee member and union leader Sunil Ganacharya said there are over 300 acres of land across all 27 bus depots. "Developing bus depots is an old plan, but it hasn't generated much traction. Moreover, there are instances where the BEST administration is still trying to recover money from occupiers," he added. To begin with, BEST depots at Bandra, Deonar and Dindoshi have been identified for commercial exploitation and development. However, the undertaking hasn't received any offers from private developers and contractors yet. Incidentally, the move comes at a time when Aamchi Mumbai, Aamchi BEST (AMAB), a citizens' forum, held a protest outside the Wadala bus depot on Friday to demand the slashing of recently hiked bus fares and scrapping the wet-lease model. Members also criticised BEST's plan to exploit its bus depots. "Giving away bus depots for commercial earnings is absolutely unacceptable," said Hussain Indorewala, a transport expert and member of AMAB. "It's like giving away family silver. These are public assets that are being offered to private developers. The BMC should include BEST in its budget in the first place." Shweta Damle, another AMAB member present at the protest, said that the BEST administration should first restart popular bus routes that have been discontinued and take over bus maintenance. "People are moving to aggregator cabs that have replaced BEST buses due to their paucity. As mass transport, it's the BEST that is very important for mobility. Moreover, redevelopment of bus depots has become a medium for land grab," said Damle....