MMRC Considers RBI’s Request for Land at Nariman Point

22 Jan 2025 CW Team

The Mumbai Metro Rail Corporation (MMRC), responsible for constructing the Colaba-Aarey Colony Metro-3 underground corridor, announced on January 20 that it had received a formal request from the Reserve Bank of India (RBI) for land at Nariman Point in Mumbai, intended for its offices. The MMRC board has approved the consideration of this proposal.

Previously, MMRC had planned to lease a 4.2-acre parcel of land in Nariman Point for property development, an area that was historically used by various political parties for office space.

“Following RBI’s request for this land parcel, the MMRC Board has agreed to consider the proposal accordingly. The tender for the property development has thus been cancelled,” stated MMRC in an official statement.

The Request for Proposal (RFP) for the property development, issued on October 3, 2024, was advertised widely through national and international publications. MMRC also held outreach roadshows in Mumbai, Bengaluru, and Delhi in October and November.

The MMRC had initially set the reserve price for the plot at approximately ?5,173 crore. In October 2024, global bids were invited to lease the land for long-term development.

The plot offered by MMRC for sale has significant development potential, with an area of 1.6 million square feet, though more than 1.13 million square feet would need to be allocated for rehabilitation purposes as per state requirements.

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