Mumbai Metro Sells Land to RBI for Metro-3 Funding: A Major Milestone
The Mumbai Metro Rail Corporation (MMRC) has successfully sold land in south Mumbai to the Reserve Bank of India (RBI) for Rs 3,471.82 crore, significantly boosting the funding for the Colaba-Bandra-SEEPZ Metro-3 corridor.
Mumbai MetroRbiMetro3Real EstateInfrastructureReal Estate MumbaiSep 11, 2025
The agreement includes Rs 2,871 crore for a 16,842 square meter plot at Nariman Point, which the RBI will own on a freehold basis. Additionally, Rs 600.82 crore has been allocated to address rehabilitation obligations, as stated in an MMRC release. This sale is part of the Maharashtra government's strategy to raise funds for the Metro-3 project, which required the MMRC to generate Rs 1,000 crore through real estate, a condition set by the central government.
The RBI's interest in purchasing the land came after MMRC advertised the property for sale. The deal was finalized following all necessary approvals and price negotiations. This financial injection is expected to accelerate the completion of the remaining phase of the 33 km Metro-3 'Aqua line', which is already operational in two phases.
The Metro-3 project, a critical component of Mumbai's urban transport network, aims to alleviate traffic congestion and provide a faster, more efficient travel option for commuters. The completion of the project is eagerly awaited by the city's residents, as it promises to enhance the overall quality of life and economic activity in the region.
The MMRC, a joint venture between the Government of Maharashtra and the Government of India, has been instrumental in the development and execution of the Metro-3 project. The corporation's strategic moves, such as this land sale, demonstrate its commitment to meeting the financial and operational challenges of large-scale infrastructure projects.
The sale of the Nariman Point land to the RBI is a testament to the collaborative efforts between the state and central governments, as well as the financial institutions, to support the development of essential public infrastructure. This move not only secures the funding needed for the Metro-3 project but also sets a positive precedent for future public-private partnerships in infrastructure development.
As the final phase of the Metro-3 'Aqua line' nears completion, the city of Mumbai looks forward to a more integrated and efficient public transport system, which will benefit millions of residents and visitors alike.
Frequently Asked Questions
What is the Metro-3 project?
The Metro-3 project is a 33 km long metro rail corridor connecting Colaba, Bandra, and SEEPZ in Mumbai. It is part of the city's urban transport network and aims to reduce traffic congestion and improve travel efficiency.
How much did the RBI pay for the land?
The RBI paid Rs 3,471.82 crore for the land, which includes Rs 2,871 crore for a 16,842 square meter plot at Nariman Point and Rs 600.82 crore to cover rehabilitation obligations.
Why was the land sale necessary?
The land sale was necessary to meet the central government's requirement for the MMRC to raise Rs 1,000 crore through real estate to fund the Metro-3 project.
What is the significance of the Metro-3 'Aqua line'?
The Metro-3 'Aqua line' is a crucial part of Mumbai's public transport system, designed to provide faster and more efficient travel options, thereby improving the quality of life for the city's residents.
What is the current status of the Metro-3 project?
Two phases of the 33 km Metro-3 'Aqua line' are already operational, and the final phase is expected to be completed soon, with the recent land sale providing the necessary funding boost.
Related News Articles
Boosting India's Housing Market: Developers Seek Tax Incentives and Industry Status in Budget 2024
The Indian housing sector is looking forward to the Union Budget 2024, expecting tax reliefs and other sentiment boosters to stimulate growth in the market.
Kalpataru Ltd Set to Enter Nagpur Real Estate Market with Plotted Development Project
Mumbai-based Kalpataru Ltd plans to launch a plotted development project in Nagpur, marking its entry into the city's real estate market. The project will be spread across 37 acres and will have 400 plots of sizes 1,200 to 4,000 sq ft range.
Hong Kong Halts Commercial Land Sales for Seventh Consecutive Quarter
Hong Kong's government has announced that it will not sell any commercial land in the quarter from October to December, citing low demand and high office vacancy rates.
Homebuyers Forum Claims RERA Act Falls Short of Objectives, Urges Consumer Affairs Ministry for Action
A forum representing homebuyers in Maharashtra claims that the Real Estate (Regulation and Development) Act, 2016, has failed to meet its objectives. The forum is now urging the Union Consumer Affairs Ministry to issue specific guidelines to protect consu
Ahmedabad Shines with Top Rental Yields in India
Ahmedabad leads the pack with the highest rental yields in India, clocking in at 3.9%, according to a recent report by Magicbricks. Other cities like Hyderabad, Kolkata, and Pune are also seeing significant increases in rental returns.
Incuspaze Expands with Major Leasing Deal in Gurugram's Thriving Real Estate Market
Incuspaze, a prominent player in the commercial real estate sector, has announced a significant leasing deal in Gurugram, marking a major expansion in one of India’s most booming real estate markets. This move underscores the growing demand for quality of