In a major real estate move, the Reserve Bank of India (RBI) has snapped up a 4.16-acre plot in Mumbai’s prime business hub, Nariman Point, for a whopping ₹3,472 crore. The land was purchased from the Mumbai Metro Rail Corporation Ltd (MMRCL) and officially registered on September 5, with a stamp duty of ₹208.3 crore, according to CRE Matrix, a real estate data analytics platform.
Why RBI Bought the Land
The RBI plans to use this plot for its own offices and commercial purposes, expanding beyond its current headquarters in Fort, South Mumbai. This strategic move strengthens RBI’s footprint in India’s financial capital and signals its intent to consolidate operations in one of the most prestigious business districts
A Quick Background
- In March 2023, the Maharashtra government transferred this land to MMRCL, giving it full rights to own, use, develop, transfer, or sell the property.
- MMRCL could also enter third-party deals, which paved the way for RBI’s acquisition.
The plot previously housed government offices and a political party’s offices, covering around 113,500 sq. ft. (10,544 sq. m.) of carpet area. These offices needed rehabilitation or relocation before the transfer.
The Deal Details
- RBI expressed its interest in the land through a letter dated November 8, 2024.
- After negotiations, RBI’s obligation to provide alternate premises for the offices was waived.
- RBI paid MMRCL a mutually agreed sum, releasing it from any past, present, or future responsibilities related to the rehabilitation area.