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The Mumbai Metro Rail Corporation (MMRC) has cancelled its tender for property development at Nariman Point, a prime business district in South Mumbai, following a formal request from the Reserve Bank of India (RBI). The RBI requested the land for its offices, and the MMRC board approved the proposal accordingly. The project, initially promoted through extensive outreach and roadshows across major cities, was aimed at utilising a premium land parcel. MMRC did not disclose the size of the land but confirmed its decision aligns with the request made by RBI.
The Mumbai Metro Rail Corporation (MMRC) announced earlier this week that it has cancelled the tender for property development at Nariman Point, South Mumbai's prestigious business district. This decision came after receiving a formal request from the Reserve Bank of India (RBI) to allocate the land for its offices. In a statement, MMRC mentioned that its board had approved the proposal to accommodate RBI's request. Advertisement
Mumbai Metro Rail Corporation (MMRCL) has shelved its plan to lease a 4.2-acre land parcel in Nariman Point for property development. The project was part of the corporation’s efforts to maximise the potential of the prime location. Various political parties previously used the plot as office space.
The MMRC had pegged the plot's reserve price at around INR 5,173 crore. In October 2024, the MMRC floated global bids to monetise the land on a long-term lease basis. The tender, originally issued through the Central Public Procurement Portal (CPPP) earlier in October 2024, had been publicised extensively through national and international publications. Additionally, the MMRC conducted promotional roadshows in Mumbai, Bengaluru, and Delhi during October and November to attract interest.
According to officials, the Nariman Point plot put out on the market by MMRC has a development potential of 1.6 million sq ft, of which over 1.13 sq ft would have to be handed over to the state for rehabilitation. This would have marked the first auction of a land parcel in such a prime location
MMRC is currently undertaking the city’s only underground metro corridor, which connects Colaba, BKC, and Aarey.
MMRC’s decision to cancel the Nariman Point property development tender underscores its alignment with institutional needs, prioritising RBI's request for land at this prominent location. While the project’s cancellation redirects the land's purpose, it reaffirms MMRC's flexibility in balancing urban development goals with governmental requirements.
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