In one of the largest real estate transactions in recent years, the Reserve Bank of India (RBI) has acquired a 4.16-acre land parcel at Nariman Point, Mumbai, from the Mumbai Metro Rail Corporation (MMRC) for Rs 34.72 billion. The deal, registered on 5 September, attracted a stamp duty of Rs 2.08 billion, according to CRE Matrix, a real estate data analytics firm.

The prime property, located near the backbay reclamation area, lies in the heart of Nariman Point—one of Mumbai’s most prestigious commercial districts. Flanked by Marine Drive, Mantralaya, consulates, and landmark office towers, it remains among the city’s most coveted real estate addresses.

Significance of the Deal

The acquisition underlines RBI’s long-term strategy to expand and consolidate its presence in South Mumbai, near its existing Mint Road headquarters. For MMRC, the transaction provides a significant capital infusion, supporting ongoing Mumbai Metro expansion projects and easing funding pressures on the state-backed corporation.

Industry experts note the rarity of such large institutional land deals in South Mumbai, given the scarcity of sizeable vacant parcels. “This acquisition reaffirms Nariman Point’s status as a premier financial hub and reflects the continued appetite of sovereign and regulatory institutions to secure prime real estate in Mumbai,” said a senior property market analyst.

Benchmark Transaction

Few land sales in recent memory rival this deal in size and strategic importance. Analysts suggest RBI’s purchase may set a new benchmark for land valuations in Mumbai’s commercial districts, even as emerging hubs in Bandra-Kurla Complex (BKC) and Lower Parel reshape the city’s office landscape.