RBI seeks MMRCL’s prime Nariman Point land for its offices | Mumbai News

Mumbai: The Reserve Bank of India (RBI) is poised to establish its offices on a 4.2-acre plot at Nariman Point, owned by the Mumbai Metro Rail Corporation Ltd (MMRCL), which cancelled its leasing tender on Jan 18, 2025 after the financial institution demonstrated interest in the property.
MMRCL had issued a Request for Proposal (RFP) for the development of the prestigious plot on Oct 3, 2024. However, a public notice issued over the weekend announced the withdrawal of the RFP.
An MMRCL spokesperson verified that the RBI had formally requested the land for its office premises. “Subsequent to RBI’s request, the MMRCL Board has sanctioned to consider the proposal appropriately, and the tender has been cancelled,” the spokesperson said.
The plot, formerly occupied by offices of political parties including Congress, Nationalist Congress Party, and Shiv Sena, was initially earmarked for monetisation through a long-term lease agreement. The corporation had anticipated generating a minimum of ₹5,173 crore from the lease of this prime land, which offers substantial development potential.
Sources close to MMRCL indicated that the compensation for the land will match or surpass the reserve price, noting that since this is a government-to-government deal, there will be no impediments in executing the transaction.
Encompassing 4.2 acres, the plot offers a buildable area of 16 lakh square feet, including 1,13,500 square feet designated for rehabilitation purposes. The land was previously vacated and refurbished to accommodate the Vidhan Bhavan metro station as part of the 33-km Colaba-SEEPZ Metro Line 3 project.
Allocated to MMRCL in 2017, the plot served as compensation after the cancellation of a commercial development on part of the Aarey Car Depot land due to opposition from environmental activists.
The RFP’s withdrawal marks the first instance a prime plot in Nariman Point has been withdrawn from auction since the area’s development in the early 1970s. The land is regarded as highly promising for mixed-use development, including office spaces, luxury residences, and hospitality ventures.
Prominent real estate enterprises, including Blackstone Group, Oberoi Realty, RMZ Group, and Tata Group, had expressed interest in the lease. MMRCL had appointed Knight Frank India as the transaction adviser for the auction.
The lease proceeds were intended to fund ongoing metro projects and repay loans, including those from the Japan International Cooperation Agency (JICA).
Mumbai: The Reserve Bank of India (RBI) is poised to establish its offices on a 4.2-acre plot at Nariman Point, owned by the Mumbai Metro Rail Corporation Ltd (MMRCL), which cancelled its leasing tender on Jan 18, 2025 after the financial institution demonstrated interest in the property.
MMRCL had issued a Request for Proposal (RFP) for the development of the prestigious plot on Oct 3, 2024. However, a public notice issued over the weekend announced the withdrawal of the RFP.
An MMRCL spokesperson verified that the RBI had formally requested the land for its office premises. “Subsequent to RBI’s request, the MMRCL Board has sanctioned to consider the proposal appropriately, and the tender has been cancelled,” the spokesperson said.
The plot, formerly occupied by offices of political parties including Congress, Nationalist Congress Party, and Shiv Sena, was initially earmarked for monetisation through a long-term lease agreement. The corporation had anticipated generating a minimum of ₹5,173 crore from the lease of this prime land, which offers substantial development potential.
Sources close to MMRCL indicated that the compensation for the land will match or surpass the reserve price, noting that since this is a government-to-government deal, there will be no impediments in executing the transaction.
Encompassing 4.2 acres, the plot offers a buildable area of 16 lakh square feet, including 1,13,500 square feet designated for rehabilitation purposes. The land was previously vacated and refurbished to accommodate the Vidhan Bhavan metro station as part of the 33-km Colaba-SEEPZ Metro Line 3 project.
Allocated to MMRCL in 2017, the plot served as compensation after the cancellation of a commercial development on part of the Aarey Car Depot land due to opposition from environmental activists.
The RFP’s withdrawal marks the first instance a prime plot in Nariman Point has been withdrawn from auction since the area’s development in the early 1970s. The land is regarded as highly promising for mixed-use development, including office spaces, luxury residences, and hospitality ventures.
Prominent real estate enterprises, including Blackstone Group, Oberoi Realty, RMZ Group, and Tata Group, had expressed interest in the lease. MMRCL had appointed Knight Frank India as the transaction adviser for the auction.
The lease proceeds were intended to fund ongoing metro projects and repay loans, including those from the Japan International Cooperation Agency (JICA).