The Mumbai Metro Rail Corporation Ltd (MMRCL) will hold a pre-bid meeting on January 20, 2025, for its highly anticipated Request for Proposal (RFP) concerning the development of a prime property at Nariman Point. Authority responses to bidders’ queries are scheduled for release on January 27, 2025, while the opening of bids will take place on February 17, 2025. Physical submissions of bid security and power of attorney documents must also be completed by February 17, 2025, according to sources familiar with the project.
The RFP, issued on October 8, 2024, covers the development of the plot identified as CTS No. 1987 and 1988 at Nariman Point on a long-term lease basis. Valued at an estimated Rs 5,173 crore, the project includes the creation of 12,405 sq mtr of built-up office space. Additionally, MMRCL requires the rehabilitation portion of the project to be handed over before the commercial operation date (COD). The total permissible built-up area under applicable Development Control Regulations (DCR) is capped at 1,35,383 sq mtr.
This marks the first instance of a land parcel in such a prestigious location being put up for auction. Knight Frank has been appointed as the advisor for this landmark auction.
Sources indicate that preliminary discussions with prominent global and domestic developers, including Blackstone Group, Sumitomo Corp, Tata Group, Lodha, K Raheja Corp, and Oberoi Realty, have generated positive interest.
The RFP requires the winning bidder to establish a Special Purpose Vehicle (SPV) under the Companies Act, 2013, to act as the developer or lessee, as defined in the Development and Lease Agreements. The lease term spans 90 years, including a fixed construction period of four years from the appointed date. Bidders must also provide a security deposit of Rs 51.73 crore via an irrevocable, unconditional bank guarantee in favour of MMRCL.
Strategically located above the Vidhan Bhavan metro station near Mantralaya on Free Press Marg, the land parcel boasts a development potential of 16,842 sq mtr. Proceeds from the plot’s auction will contribute to the completion of Mumbai’s metro projects. Developers will also benefit from single-window clearance with the Municipal Corporation of Greater Mumbai (MCGM), as MMRCL has already submitted the project plan for civic approval.
The plot is designated for mixed-use development, incorporating office spaces, luxury residences, and hospitality facilities. It will be the first project in Mumbai to benefit from the formal transit-oriented development (TOD) policy introduced by the state government. Direct metro connectivity will position the development as a trailblazer in integrated urban planning.
With enhanced infrastructure such as the Eastern Freeway, Atal Setu, extended Coastal Road, and metro lines, the connectivity improvements are expected to make Nariman Point more accessible, boosting its attractiveness to businesses and investors. Reduced travel times, eased congestion, and enhanced traffic flow are anticipated to revive Nariman Point’s status as a central business hub and catalyze further commercial activity and investments.
