The Reserve Bank of India (RBI) has invited bids for the construction of its new Central Office Building at Nariman Point in South Mumbai. Estimated to cost Rs 1,586 crore, the project will be developed on a prime land parcel that the central bank purchased from Mumbai Metro Rail Corporation Ltd. (MMRCL) for Rs 3,472 crore in 2025.
According to the tender issued by the RBI’s Premises Department, the project, titled ‘Development of New Central Office Building for Reserve Bank of India at Nariman Point’, Mumbai, will be executed under a Design and Build (DB) model through a two-stage, two-envelope techno-commercial bidding process.
The proposed office complex will be constructed in one of Mumbai’s most prominent business districts. As per the tender, the project has a construction timeline of 60 months, including the monsoon period.
Eligible design-and-build construction agencies empanelled with the RBI have been invited to participate in the bidding process. Interested bidders must submit an earnest money deposit (EMD) of Rs 31.72 crore, while the selected contractor will be required to furnish a performance security equivalent to five per cent of the accepted contract value. In the first stage of the process, bidders will submit multiple architectural concept designs before financial bids are evaluated.
The new headquarters will be built on a 4.2-acre land parcel at Nariman Point, one of the last large contiguous sites available in Mumbai’s central business district. The plot offers a development potential of nearly 16 lakh sq ft, including the rehabilitation component.
The land was originally offered for monetisation by MMRCL through global bids in October 2024 on a long-term lease basis, with a reserve price of around Rs 5,173 crore. However, the RBI expressed interest in acquiring the property outright the following month. The transaction was completed and registered in September 2025 for over Rs 3,472 crore, making it one of the largest government-to-government institutional real estate deals in the country.
The site, which earlier housed offices of several political parties, including the undivided Nationalist Congress Party (NCP), was cleared to facilitate the construction of the Vidhan Bhavan Metro station.
Developed through land reclamation in the 1970s, Nariman Point remains one of Mumbai’s most important financial and commercial districts. Despite the emergence of newer business hubs such as Bandra-Kurla Complex (BKC), the locality continues to play a key role as the headquarters of major financial institutions, regulatory bodies, multinational companies, and government offices.
Source: Hindustan Times
