September 12, 2025

Hold your breath, Mumbai! The Reserve Bank of India (RBI) has just pulled off one of the biggest land deals this year. How? By buying a whopping 4.61-acre land parcel right in the sizzling heart of Nariman Point, South Mumbai, from the Mumbai Metro Rail Corporation Ltd (MMRCL) for a stunning Rs 3,472 crore! This piece of prime land sits close to the state government’s secretariat, Mantralaya, the Bombay High Court, and a stack of big corporate offices. So, you can imagine its huge importance. Last year, MMRCL planned a global auction for this land but their plans took a sharp twist in January when the RBI expressed a strong interest to grab it for expanding its headquarters. The auction got canceled, and the deal was sealed on September 5, with RBI coughing up an extra Rs 208 crore in stamp duty. RBI is no stranger to Mumbai’s real estate world—they already own the prominent Mint Road headquarters. With this new land, RBI’s footprint in Mumbai, the financial capital of India, is about to grow even more mighty. ‘‘This plot is expected to be developed strictly for institutional use, which will make RBI’s presence in our financial hub even more formidable,’’ experts say. On the flip side, MMRCL, the brains behind Mumbai's metro rail projects, has been on a mission to monetize its land parcels scattered across South and Central Mumbai. Selling off this Nariman Point land means more funds to back Mumbai’s metro expansion—a win-win for everyone! Property consultants are buzzing about the deal’s size and its choice location. Despite the rise of new commercial hot spots like Bandra-Kurla Complex and Lower Parel, Nariman Point still holds supreme as the most premium commercial real estate market in India. Interestingly, when ET reached out to both MMRCL and RBI for comments, they stayed tight-lipped, leaving us all curious about the future plans on this spectacular Mumbai land patch. So, from a juicy auction to a high-stakes deal with the country’s central bank, this Nariman Point saga shows just how valuable prime Mumbai land truly is—and how it can power the city’s dreams of metro glory and big business might!

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Tags: Rbi, Nariman point, Mmrcl, Land acquisition, Mumbai real estate, Metro expansion,