by THO
Jan 20, 2025 11:06 PM IST
The MMRC had floated a global tender in October 2024 for leasing the South Mumbai plot at a reserve price of around ₹5,173 crore
The Mumbai Metro Rail Corporation (MMRC), which is constructing the Colaba-Aarey Colony Metro-3 underground corridor in Mumbai, on January 20 said it had received a formal request from the Reserve Bank of India for land at Nariman Point, Mumbai, for its offices and that its board has approved to consider the proposal ‘appropriately’.
Mumbai Metro Rail Corporation (MMRCL) has shelved its plan to lease a 4.2-acre land parcel in Nariman Point for property development. Various political parties previously used the plot as office space.
“Subsequent to RBI’s request to MMRC for this land parcel, the MMRC Board has approved to consider the proposal appropriately. Accordingly MMRC has cancelled the tender,” it said in a statement.
Also Read: MMRC looks to raise ₹5,173 crore from Nariman Point plot
The Request for Proposal (RFP) for property development at this premium location, issued on October 3, 2024, via the CPPP Portal, was widely disseminated through publications in prominent national and international newspapers. MMRC also conducted outreach through roadshows in Mumbai, Bengaluru, and Delhi in October and November, the statement read.
The MMRC had pegged the plot’s reserve price at around ₹5,173 crore. In October 2024, the MMRC floated global bids to monetise the land on a long-term lease basis.
Also Read: Mumbai infrastructure boost: Rents in Nariman Point surge by 52% outpacing BKC
According to officials, the Nariman Point plot put out on the market by MMRC has a development potential of 1.6 million sq ft, of which over 1.13 sq ft would have to be handed over to the state for rehabilitation.
Recommended Topics
