RBI Acquires Prime 4.16-Acre Land in Nariman Point for Rs 3,472 Crore
The Reserve Bank of India (RBI) has purchased a 4.16-acre plot in Nariman Point, Mumbai, for Rs 3,472 crore from the Mumbai Metro Rail Corporation Ltd (MMRCL). The land will be used for self-use and commercial purposes.
RbiNariman PointMumbai Real EstateMmrclLand AcquisitionReal Estate MumbaiSep 11, 2025
The RBI purchased the land for self-use and commercial purposes, according to the documents. The central bank’s headquarters are in Fort, South Mumbai. This strategic acquisition is expected to enhance the RBI's operational capabilities and provide additional space for its expanding needs.
According to a Maharashtra government resolution in March 2023, the land was transferred to MMRCL with absolute rights to “own, use, develop, transfer, or sell”. MMRCL was allowed to enter into third-party transactions for the land. The RBI, in a letter dated November 8, 2024, expressed its willingness to acquire the land, which earlier had offices of government departments and a political party. The offices spread over 113,500 square feet (10,544.41 square metres) of carpet area, which “required rehabilitation or relocation”.
After discussions, RBI’s obligation to provide alternate premises for the offices was waived, and it paid a mutually agreed amount to MMRCL. This payment released RBI from any “past, present, or future obligations” for the rehabilitation area. At a meeting chaired by the chief secretary of the Maharashtra government on May 29, it was agreed that the payment of Rs 600.82 crore would cover the cost of the rehabilitation area.
Through the sale deed, MMRCL and RBI agreed that the land would be transferred on a freehold basis. This acquisition is a significant move in the Mumbai real estate market, reflecting the RBI's commitment to securing strategic assets in prime locations. The transaction not only highlights the value of prime real estate in Mumbai but also underscores the RBI's proactive approach to infrastructure development and asset management.
Nariman Point, one of the most prestigious business districts in Mumbai, is home to numerous corporate headquarters and commercial establishments. The RBI's acquisition of this land is expected to boost the area's economic significance and attract further investment in the region.
Frequently Asked Questions
Why did the RBI purchase the land in Nariman Point?
The RBI purchased the land for self-use and commercial purposes to enhance its operational capabilities and provide additional space for its expanding needs.
How much did the RBI pay for the land?
The RBI paid Rs 3,472 crore for the 4.16-acre land in Nariman Point.
What was the stamp duty for the land transaction?
The stamp duty for the land transaction was Rs 208.3 crore.
Who was the seller of the land?
The seller of the land was the Mumbai Metro Rail Corporation Ltd (MMRCL).
What was the purpose of the Maharashtra government resolution in March 2023?
The Maharashtra government resolution in March 2023 transferred the land to MMRCL with absolute rights to own, use, develop, transfer, or sell, allowing MMRCL to enter into third-party transactions for the land.
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