The Reserve Bank of India (RBI) has invited bids to develop a new central office building at Nariman Point in South Mumbai. The tender document lists an estimated project cost of Rs 15.86 billion (bn) and specifies a construction period of 60 months, including the monsoon season. The site was acquired from the Mumbai Metro Rail Corporation Ltd for Rs 34.72 billion (bn) in 2025. The project will be executed on a design and build basis through a two-stage, two-envelope techno-commercial process.

Empanelled design and build agencies have been invited to submit proposals, with the first stage requiring multiple architectural concept designs and the second stage evaluating commercial bids. Interested bidders must furnish an earnest money deposit of Rs 317.2 mn and the successful contractor will be required to furnish performance security equal to five per cent of the accepted contract value. The tender emphasises modern office planning standards and rehabilitation provisions within the development.

The plot spans four point two acres and offers development potential of nearly one point six million (mn) sq ft, including the rehabilitation component. The site previously housed offices of political parties and was vacated to facilitate construction of the Vidhan Bhavan metro station. The Mumbai Metro Rail Corporation had earlier set a reserve price of around Rs 51.73 billion, and the transaction with the central bank was registered in September 2025 for over Rs 34.72 billion. The acquisition is among the largest institutional real estate transactions in the country.

The plot at Nariman Point forms part of an area developed through land reclamation in the 1970s and continues to serve as a premier commercial district. Although new business hubs have emerged, the location retains strategic importance because of its concentration of financial institutions, law firms and government agencies. The project is expected to consolidate the central bank's operations in Mumbai and to add a significant contemporary office tower to the city skyline. The bidding process and the subsequent development will be watched closely by market participants and urban planners.