Mumbai: In a significant development, the Mumbai Metro Rail Corporation (MMRC) has cancelled the auction of a prime land parcel at Nariman Point following a formal request from the Reserve Bank of India (RBI) for the same property to house its offices.
The Request for Proposal (RFP) for the property, issued on October 3, 2024, via the CPPP portal, had drawn widespread attention. MMRC had extensively promoted the offering through prominent national and international newspapers and conducted outreach roadshows in Mumbai, Bengaluru, and Delhi in October and November 2024 to attract bidders.
According to sources, the MMRC Board has approved the consideration of RBI’s proposal, leading to the cancellation of the auction process. The RFP had outlined plans for the development of the plot identified as CTS No. 1987 and 1988 at Nariman Point on a long-term lease. The project, valued at approximately Rs 5,173 crore, included the creation of 12,405 sq. m. of built-up office space, with a total permissible built-up area of 1,35,383 sq. m. under existing Development Control Regulations (DCR). A portion of the development was designated for rehabilitation, which was to be handed over before the commercial operation date (COD).
MMRC had scheduled a pre-bid meeting for January 20, 2025, with responses to bidders’ queries due on January 27 and the bid opening on February 17. Interest from global and domestic real estate giants such as Blackstone Group, Sumitomo Corp, Tata Group, Lodha, K Raheja Corp, and Oberoi Realty had underscored the prestige of the offering.
The strategic land parcel, located above the Vidhan Bhavan metro station near Mantralaya on Free Press Marg, offered a development potential of 16,842 sq. m. This would have marked the first auction of a land parcel in such a prime location, adding further significance to the cancellation.
