One of Mumbai’s most recognisable commercial landmarks, the Air India Building at Nariman Point, is set to enter a new chapter as ownership formally passes to the Maharashtra government. Chief Minister Devendra Fadnavis is scheduled to sign the transfer agreement with Air India Assets Holding Limited (AIAHL) on Monday, completing the acquisition of the iconic sea-facing property for Rs 1,601 crore.
Standing 23 storeys tall and overlooking the Arabian Sea, the 105-metre structure has been a defining feature of Mumbai’s skyline since its completion in 1974. Distinguished by the airline’s signature centaur emblem atop the building, the property has remained largely unoccupied since Air India relocated its headquarters to New Delhi.
The state government has already initiated the purchase process by allocating approximately Rs 1,600 crore from the Finance Department to the Public Works Department. Following the transfer, renovation and refurbishment work is expected to be completed within a year.
The building offers nearly 46,470 square metres of office space and is strategically located close to Mantralaya, Maharashtra’s administrative headquarters. The government plans to shift several departments currently operating from rented premises across Mumbai into the building. The move is expected to reduce rental expenditure and improve administrative coordination. Many government offices had been dispersed across the city after the devastating fire at Mantralaya in 2012.
Designed by noted architect John Burgee on reclaimed land leased by the state to Air India, the tower also occupies an important place in Mumbai’s history. It was among the sites affected during the 1993 serial bomb blasts in the city.
Air India first attempted to monetise the property in 2018, seeking Rs 2,000 crore. Multiple bids were received, including offers from Maharashtra, the Jawaharlal Nehru Port Authority and the Life Insurance Corporation of India, but the sale did not materialise. Discussions resumed after the change in state leadership in 2022, culminating in Cabinet approval and the Centre’s clearance, paving the way for the landmark transaction.
Source: The Indian Express
