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The Reserve Bank of India (RBI) will set up a new office complex on a 4.2-acre site at Nariman Point, one of Mumbai's most prestigious business districts. The land, earlier owned by Mumbai Metro Rail Corporation Limited (MMRCL), was formally transferred to RBI on September 5. MMRCL had originally planned to auction the parcel, expecting INR 5,173 crore, with major real estate players showing interest. However, the tender was withdrawn after RBI expressed intent to acquire it, enabling a direct government-to-government deal. The plot, once home to party offices, was later cleared for the Vidhan Bhavan Metro station under Line 3.
The Reserve Bank of India will develop a new office complex on a 4.2-acre parcel at Nariman Point, one of the city's most premium business districts. The sale deed for the property, previously owned by Mumbai Metro Rail Corporation Limited (MMRCL), was formally registered on September 5. Advertisement
The land was initially offered through an open tender process. MMRCL had issued a request for proposal on October 3, 2024, seeking long-term lease bids, expecting to raise INR 5,173 crore. Leading real estate players including Blackstone Group, Oberoi Realty, RMZ Group, and Tata Group had shown interest, with Knight Frank India acting as transaction adviser.
However, the auction was withdrawn on January 18, 2025, after RBI expressed its intent to acquire the plot. The deal was structured as a government-to-government transaction, which allowed for smoother execution without the usual procedural challenges of open auctions.
The Nariman Point plot has historical and political significance. It previously housed offices of Congress, NCP, and Shiv Sena and was later vacated for refurbishment as part of the Vidhan Bhavan Metro station, a segment of the 33-km underground Colaba-Aarey Metro Line 3 project.
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