September 11, 2025: In one of the largest land deals in India this year, the Reserve Bank of India (RBI) has purchased a 4.16-acre plot at Nariman Point in South Mumbai from the Mumbai Metro Rail Corporation Ltd (MMRCL) for Rs 3,471.82 crore. The agreement, registered on September 5, also included a stamp duty payment of Rs 2,083 crore, according to property transaction data from CRE Matrix, a real estate analytics firm.
The RBI is expected to develop a modern office complex on the site, consolidating its operations into a single state-of-the-art facility. Strategically located near Mantralaya, the Bombay High Court, and several corporate headquarters, the parcel is regarded as one of the most sought-after in Mumbai’s commercial landscape.
Property consultants told The Economic Times that although newer business districts such as Bandra-Kurla Complex (BKC) and Lower Parel have emerged in recent years, the premium attached to this Nariman Point deal highlights the location’s enduring importance. At approximately Rs 834 crore per acre, the acquisition price is nearly 50% higher than prevailing market rates in the area.
The plot offers a total buildable area of around 1.6 million square feet, including 1.13 lakh square feet earmarked for rehabilitation requirements. MMRCL had originally planned to auction the land through a global tender — the first of its kind for Nariman Point since its development as a commercial hub in the 1970s. However, the process was cancelled after the RBI expressed interest in expanding its Mumbai headquarters.
The transaction forms part of MMRCL’s wider strategy to monetise land assets in central and south Mumbai to support metro expansion. It follows other major property deals, such as the Wadia Group’s sale of a 22-acre plot in Worli to Goisu Realty, a Sumitomo subsidiary, for Rs 5,200 crore in 2023.
Source: CNBC TV 18
