RBI Acquires Prime Nariman Point Land in Mumbai for ₹3471 Crore
The Reserve Bank of India (RBI) has purchased a prime 16,842 sq.m land at Nariman Point from the Mumbai Metro Rail Corporation Ltd. (MMRC) for ₹3471 crore, marking one of the biggest real estate transactions in recent history.
RbiNariman PointMmrcReal EstateMetro3Real Estate MumbaiSep 11, 2025
According to MMRC, the RBI paid ₹2,871 crore for freehold ownership rights and an additional ₹600.82 crore for an exemption from providing a rehabilitation area. This transaction aligns with the Government of India's approval for the Metro-3 project, which requires MMRC to raise ₹1000 crore from real estate sources to fund capital works.
The land, located in South Mumbai’s prime business district, was allocated to MMRC by the Government of Maharashtra to meet this financial obligation. MMRC initiated the sale process and published the necessary advertisements. However, the RBI approached MMRC for a direct purchase with the intention of setting up a new office building. The final price was determined through negotiations, and the necessary government approvals were secured for the transaction.
The Nariman Point plot, a 0.416-acre vacant land parcel, is part of MMRC’s broader asset monetization strategy. The corporation has been actively exploring opportunities to lease commercial spaces and land parcels to generate additional revenue. The land bid was initially invited last year but had to be extended due to a tepid market response. The bid deadline was later extended to December 30, 2024, but the submission was delayed due to market conditions.
Meanwhile, MMRC continues to make progress on its flagship Colaba–Bandra–SEEPZ Metro Line 3. After nearly seven years of construction delays, Phase 1 between Aarey and Bandra Kurla Complex (BKC) was commissioned, followed by Phase 2 up to Worli. The final stretch of the underground corridor is still awaited for public opening. The project faced delays, with the final phase awaiting a Fire No Objection Certificate (NOC) and subsequent inspection by the Commissioner of Metro Rail Safety (CMRS).
This acquisition not only highlights the strategic importance of Nariman Point in Mumbai’s real estate market but also underscores the ongoing efforts of MMRC to complete the Metro-3 project and enhance the city’s public transportation infrastructure.
Frequently Asked Questions
What is the total value of the land acquisition by RBI?
The total value of the land acquisition by RBI is ₹3471 crore.
Why did MMRC sell the land at Nariman Point?
MMRC sold the land at Nariman Point to raise ₹1000 crore from real estate sources as required by the Government of India for the Metro-3 project.
What is the size of the land parcel sold to RBI?
The land parcel sold to RBI is 16,842 sq.m (0.416 acres).
What is the purpose of the land acquisition by RBI?
The purpose of the land acquisition by RBI is to set up a new office building.
What is the current status of the Metro-3 project in Mumbai?
The Metro-3 project in Mumbai has completed Phase 1 and Phase 2, with the final stretch still awaiting a Fire No Objection Certificate (NOC) and inspection by the Commissioner of Metro Rail Safety (CMRS).
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