Congress Demands Cancellation of Mumbai Plot Sale to RBI, Threatens Legal Action
The Congress party has demanded that the Maharashtra government cancel the sale of a south Mumbai plot to the Reserve Bank of India (RBI), alleging the deal is arbitrary and fraudulent. If the government does not revoke the sale, the party threatens to take legal action.
CongressRbiNariman PointMetro3Legal ActionReal Estate MumbaiSep 13, 2025
Calling the decision “arbitrary,” Congress senior spokesperson Sachin Sawant stated that the land deal also amounts to “cheating” political parties and reneging on past assurances. The Mumbai Metro Rail Corporation (MMRC) executed a sale deed on September 5 for the transfer of a 16,842-sqmt (about 4.1 acres) plot at Nariman Point to the RBI for Rs 3,471.82 crore. This sale is aimed at funding the Colaba-Bandra-SEEPZ Metro-3 corridor.
The Maharashtra government had allocated the land to MMRC to help raise Rs 1,000 crore from real estate sources, as mandated by the Centre for the Metro-3 capital works. “The then government and Metro authorities had assured us that once the project was complete, new office premises would be constructed for all parties at the same location. However, without any consultation, the land has now been sold to RBI for Rs 3,400 crore,” said Sawant.
Sawant claimed that the market value of the land is around Rs 5,200 crore, and the deal has caused a loss of nearly Rs 1,800 crore to the state exchequer. “This deal is a show of arrogance, arbitrary, and fraudulent. It must be scrapped, and the Congress party must be allotted its office at the same Nariman Point location, failing which we will approach the court,” he added.
Citing a government order of October 21, 2015, and a letter issued by then chief minister Devendra Fadnavis in December 2016 assuring temporary relocation, Sawant accused the state and MMRC of reneging on their promise. “Even the RBI has been misled, as the corporation did not inform it about the earlier assurances,” he alleged.
Maharashtra Congress vice president Ganesh Patil said the party has written to the government and MMRC, warning of legal action if the assurance is not honored. Two phases of the 33-km Metro-3 ‘Aqua line’ (Aarey Colony JVLR-BKC and BKC-Acharya Atre Chowk) are already operational, and the final phase, between Acharya Atre Chowk in Worli and Cuffe Parade in south Mumbai, is expected to be completed soon.
Frequently Asked Questions
What is the main issue with the sale of the Nariman Point plot?
The main issue is that the Congress party claims the sale is arbitrary and fraudulent, and that it reneges on past assurances to political parties that new office premises would be constructed for them at the same location after the Metro-3 project was completed.
How much did the RBI pay for the plot?
The RBI paid Rs 3,471.82 crore for the 16,842-sqmt (about 4.1 acres) plot at Nariman Point.
What is the estimated market value of the plot?
The estimated market value of the plot is around Rs 5,200 crore.
What action will the Congress party take if the sale is not revoked?
The Congress party threatens to take legal action if the Maharashtra government does not revoke the sale.
What assurances were given to political parties regarding the plot?
Political parties were assured that new office premises would be constructed for them at the same location after the completion of the Metro-3 project.
Related News Articles
VTP Realty Hosts Thrilling Customer Engagement Event at VTP Sierra in Pune
VTP Realty, a leading residential real estate developer in Pune, recently organized a highly successful customer engagement event at VTP Sierra, its prestigious residential project.
MahaRERA Introduces Mandatory Quality Assurance Certificate for Realty Developers
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made it mandatory for realty developers to present a quality assurance certificate to the regulator at the end of every financial year and publish it on their respective websites.
Signature Global Sees 4% Rise in Net Debt to Rs 1,020 Cr; Eyes Strong Housing Demand
Despite market fluctuations, Signature Global's resilience highlights the robustness of its business model and its ability to adapt to industry changes. The company is now looking to capitalize on the strong housing demand.
India Witnessed Extreme Weather on 93% of Days in First Nine Months of 2024
Andhra Pradesh faced the highest property damage, with 85,806 houses destroyed. Maharashtra, which experienced extreme weather for 142 days, accounted for a significant portion of the total damage.
Maharashtra Cabinet Formed: BJP, Shiv Sena, and NCP Share Ministries
The new Maharashtra Cabinet has been formed with the BJP taking the lead, securing 16 berths, while the Shiv Sena and NCP have been allotted 9 and 8 ministerial positions respectively.
Ultra-Luxury Real Estate Fund Launches with Focus on Tier 1 Cities and Coastal Towns
Blackstone-backed ASK Asset & Wealth Management and India Sotheby’s International Realty have launched a dedicated ₹1,000 crore fund to invest in ultra-luxury residential properties across major cities and holiday destinations in India.