Mumbai News: RBI Acquires Nariman Point Land From MMRC For ₹3471 Crore

Mumbai: The Mumbai Metro Rail Corporation Ltd. (MMRC)which is city‘s underground metro 3 project implementation authority, in a landmark development with the Reserve Bank of India (RBI) executed the sale deed for land admeasuring 16,842 sq.m at Nariman Point.

According to the MMRC, RBI paid Rs 2,871 crore towards freehold ownership rights and an additional Rs 600.82 crore towards exemption from providing rehabilitation area.As per Government of India approval to Metro-3 project, MMRC is required to raise Rs 1000 crore from real estate sources towards capital works.

Government of Maharashtra allocated plot no 1987, 1988 admeasuring 16,842 Sqm at Nariman Point to meet this obligation.

MMRC initiated process for sale of the plot and published the advertisement. However, RBI approached MMRC for direct purchase with intention to set up their new office building. MMRC took the necessary approvals for Govt.-to-Govt. transaction. The final price was arrived through negotiation.

If is infact, one of the biggest real estate transactions. The purchased land is a 0.416 acre vacant land parcel at Nariman Point. The deal, registered on September 5, 2025, attracted a stamp duty of Rs 208 crore according to data sourced from CRE Matrix – a real estate data analytics firm.

The Nariman Point plot, located in South Mumbai’s prime business district, is part of MMRC’s asset monetisation strategy. The metro corporation has been actively looking at leasing commercial spaces and land parcels to generate additional revenue.

The land bid was first invited last year but had to be extended due to tepid market response.

Later it was extended till December 30 , 2024. However, Bid Submissions were pushed back, due to required market condition.

The Mumbai Metro Rail Corporation (MMRC) progresses on its flagship Colaba–Bandra–SEEPZ Metro Line 3. After nearly seven years of construction delays, Phase 1 between Aarey and Bandra Kurla Complex (BKC) was commissioned, followed by Phase 2 up to Worli. The final stretch of the underground corridor is still awaited for public opening.

The FPJ had reported that the final phase awaiting for Fire No objection certificate (NOC) and only after obtaining the commissioner of Metro Rail Safety (CMRS) inspection can be commenced. The deadline of opening the entire line in August this year missed due to same.

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