Mumbai, March 25 -- At a time when the Brihamumbai Electricity Supply and Transport (BEST) undertaking is reeling under accumulated losses exceeding Rs.10,000 crore, it is undervaluing its own assets, according to its newly elected committee members. The undertaking's administration has allegedly been charging between half and one-fifth of prevailing market rates to rent commercial spaces at as many as 19 locations across Mumbai, according to bid documents presented to the BEST Committee for approval. Copies of these documents are with Hindustan Times. These locations include depots, bus stations, railway stations, busy market roads, residential quarters, and office spaces. For instance, in Colaba, where BEST has its headquarters, the administration has put up two shop spaces of 800-850 sq ft each for lease at a reserve price of Rs.104 per sq ft, with the highest bid reaching Rs.125 per sq ft. According to real estate agents, rents for commercial spaces in the prime south Mumbai location range between Rs.400 and Rs.800 per sq ft, or even higher. Considering the location of these shops, right along the Colaba Market, BEST Committee members are questioning the logic behind such low rates fixed by the administration. "Colaba is such a premium location that is frequented by tourists and shoppers. Renting out space at dirt cheap rates is quite shocking. We have demanded inspection of all these sites and reasons why the administration has offered it low rates," said Sunil Ahir, a BEST Committee member from Shiv Sena (UBT). The BEST administration has leased over 30,000 sq ft of space across Mumbai at rates lower than market benchmarks, according to committee members appointed following the civic polls in January. These spaces are located in areas such as Colaba, Goregaon, Marol, Andheri West, Mulund West, Kandivali West, Chembur, Ghatkopar, Wadala, Mumbai Central, Vikhroli and Malvani. The spaces have been leased to businesses such as shops, hotels, restaurants, cafes, halls for weddings and other celebrations, nursing homes and even warehouses. Such commercial leasing is part of BEST's broader push to increase non-fare revenue, which also includes advertising and property monetisation. BEST had invited tenders in February last year for leasing these 19 spaces and has since received bids. The administration sought approval from the BEST Committee, which has now demanded a probe into the pricing rationale and begun site inspections. In Mulund West, for example, BEST is leasing out a 6,374 sq ft commercial space at a reserve price of Rs.38 per sq ft, with the highest bid at Rs.51 per sq ft. Nearby plots around Mulund Check Naka were also offered at relatively low rates. Realtors estimate current rentals in Mulund West at Rs.150-350 per sq ft, and about 10-15% lower near the check naka. "At Kandivali West, there are four separate commercial spaces- two are of 359 sq ft, and the other two have an area of 373 sq ft. These are adjacent to the railway station, a busy market and a bus depot-the entire location is always buzzing. Despite this, the BEST administration had kept a reserved price of Rs.48 per sq ft, while average rental prices are Rs.200-400 per sq ft. The administration should come clear on the reasons for such a steep drop in the base price, especially when BEST is reeling under financial stress," said Sachin Patil, another BEST Committee member who visited these locations in Kandivali. For these spaces, BEST received bids ranging from Rs.63 to Rs.149 per sq ft. Even real estate agents were surprised by the low rates on offer. "Areas like Kandivali, Goregaon and Andheri on its western side offer high demand. For premium locations, especially close to railway stations and BEST bus depots, there are clients who pay even up to Rs.600-800 per sq ft," said RP Singh, a real estate agent from the western suburbs. BEST officials, however, said the condition of several properties affects pricing. "These are old buildings. Some of these [commercial] spaces mentioned are on the first floor, which might see lower footfall. Also, unlike well-furnished commercial properties that are offered by private developers, these are raw plots. Moreover, we have not paid property taxes to the BMC at these locations, so the party will not be able to get the necessary permissions, like water connection, etc., from the civic body," said a BEST official, requesting anonymity. Sunil Ganacharya, a senior committee member from the BJP, said unresolved dues could deter tenants. "What if those who rent out these spaces don't vacate or pay rent until BEST pays these taxes?" he said. A real estate consultant concurred that the quality of the space being offered makes a big difference in the price band. "However, the stark distinction in the price range is certainly surprising as it has a substantial gap," they said. BEST Committee chairperson Trushna Vishwasrao, who visited locations in Wadala and Mumbai Central, noted that many structures date back to the 1950s and said the prevailing rates may be reasonable given their condition. "My whole intention is to ensure that BEST becomes financially self-sufficient, and I'm working towards it. I have visited these two locations and shall be inspecting other sites as well in the coming days, along with fellow committee members," she said. Vishwasrao also said she has requested deputy chief minister Eknath Shinde to waive off toll for BEST buses, along with certain charges paid to the Centre. Just days after the BMC presented its budget for FY 2026-27, Vishwasrao wrote a letter seeking Rs.3,000 crore from the Brihanmumbai Municipal Corporation (BMC). The civic body had allotted a mere Rs.1,000 crore as financial aid to the undertaking out of the Rs.80,952.56-crore budget. The demand for funds is aimed at bridging the financial gap, supporting fleet expansion-particularly the induction of electric buses-and ensuring they can cater to more daily passengers....