E-Paper
Mumbai top real estate deal: RBI picks up Nariman Point land parcel for ₹3,472 crore from MMRCL
Mumbai real estate update: RBI has purchased a 4.16-acre land parcel from Mumbai Metro Rail Corporation Limited, on which it plans to build a new office complex
In one of 2025’s largest outright land deals by value, the Reserve Bank of India (RBI) has acquired 4.16 acres from the Mumbai Metro Rail Corporation Limited (MMRCL) for ₹3,472 crore at Nariman Point.
According to the property registration documents, the sale deed for the transaction was registered on September 5, 2025. For this, a stamp duty of ₹20.83 crore was paid, along with a registration fee of ₹30,000.
The MMRCL 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. However, in November 2024, the RBI expressed interest in purchasing it.
The documents accessed by CRE Matrix showed that the MMRCL's Board approved the sale of the land to the RBI in January 2025.
“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,” MMRCL statement said in January 2025.
Also Read: Mumbai Metro Rail Corp Board considers RBI’s request for land at Mumbai’s Nariman Point
The MMRC in October 2024 had said that the plot has a development potential of 1.6 million sq ft.
The plot previously housed offices of various political parties, including the undivided Nationalist Congress Party (NCP), which has since been shifted to Ballard Estate. It was vacated to facilitate the construction of the Vidhan Bhavan metro station.
Real estate experts say that with nearly 1.6 million sq ft. this government-to-government deal further solidifies Nariman Point’s position as Mumbai’s commercial hub.
Commercial office space rentals in Nariman Point
Currently, office rentals in Nariman Point, one of the city's iconic commercial districts, are ₹569 per sq ft. However, Knight Frank's report in October 2024 said that this is expected to increase to ₹1,091 per sq ft by 2030, reflecting strong demand for premium office space in the area.
South Mumbai is projected to add 4-6 mn sq ft of mixed-use office space in the next 6-8 years. Nariman Point’s rents surged by 52% to ₹569 per sq ft from 2018 to H1 2024. The report showed that it has outpaced the rental growth of BKC, where rents have grown by 20%.
According to the report, in the early 2000s, Nariman Point was Mumbai’s premier business hub, with rentals rising steadily from ₹200 per sq ft in 2003 to ₹550 per sq ft in 2007. However, the global financial crisis and the increasing appeal of Bandra Kurla Complex (BKC) led to a downward trajectory in office rental to ₹402 per sq. ft. in 2012.
Currently, companies like Air India, Tata Consultancy Services, Edelweiss Capita, DSP Merill Lynch have their presence in Nariman Point, along with several other banks and government bodies having their regional central offices.
Land transactions in the Mumbai Metropolitan Region (MMR)
According to real estate consultancy Anarock, the MMR recorded the highest number of land deals in the first six months of 2025, with 24 transactions spanning over 433 acres.
Among the highest-value deals was a transaction involving veteran Bollywood actor Jeetendra Kapoor and his family, who sold a two-acre land parcel in Andheri for ₹855 crore to NTT Global Data Centres. The property was sold for data centre development through two family-owned entities, Pantheon Buildcon Private Limited and Tusshar Infra Developers Private Limited.
A total of 76 land deals spanning 2,900 acres were closed across India in the first half of 2025, up from 2,515 acres across 133 deals in all of 2024.
Also Read: RBI invites bids to sell three Lonavala bungalows near Mumbai for ₹6.65 crore
The report said land-scarce MMR led with 24 land deals (433+ acres), followed by Bengaluru with 15 deals for over 182 acres. The total value of land transacted in H1 2025 stood at ₹30,885 crore, with a revenue potential of ₹1.47 lakh crore and a development potential of 233 million sq. ft.
According to local brokers, the recent land deal between MMRCL and RBI is set to rank among the biggest land transactions in India in 2025 in terms of value.
Meanwhile, according to a Knight Frank India report released on September 10, 910 housing societies have signed development agreements (DA) since 2020 in the Mumbai real estate market, unlocking nearly 326.8 acres (1.32 mn sq m) of potential land area in the Mumbai limits, based on Floor Space Index (FSI) utilisation norms and average unit sizes across the regions.
