Mumbai: In one of the biggest real estate transactions in recent years, the Reserve Bank of India (RBI) has purchased a 4.16-acre vacant land parcel at Nariman Point from the Mumbai Metro Rail Corporation Ltd. (MMRC) for a staggering Rs 34,71,82,03,270 (Rs 3,471 crore).
About The Deal
The deal, registered on September 5, 2025, attracted a stamp duty of Rs 2,08,30,92,200, 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.
About The Land Bid
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 awaiting 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.
