RBI buys 4.16-acres in Nariman Point from Mumbai Metro for Rs 3,472 cr

Central bank has purchased the parcel for self-use and commercial purposes, according to documents

The Reserve Bank of India (RBI) has bought a 4.16-acre parcel at Nariman Point, a prime business district in Mumbai, for Rs 3,472 crore from the Mumbai Metro Rail Corporation Ltd (MMRCL).

 

The transaction was registered on September 5 for a stamp duty of Rs 208.3 crore, according to the documents accessed through CRE Matrix, a real estate data analytics firm.

 

The RBI purchased the land for self-use and commercial purposes, according to the documents. The central bank’s headquarters are in Fort, South Mumbai.

 

According to a Maharashtra government resolution in March 2023, the land was transferred to MMRCL with absolute rights to “own, use, develop, transfer, or sell”. MMRCL was allowed to enter into third-party transactions for the land.

 

 

The RBI, in a letter dated November 8, 2024, expressed its willingness to acquire the land, which earlier had offices of government departments and a political party. The offices spread over 113,500 square feet (10,544.41 square metres) of carpet area, which “required rehabilitation or relocation”.

 

After discussions, RBI’s obligation to provide alternate premises for the offices was waived and it paid a mutually agreed amount to MMRCL. This payment released RBI from any “past, present, or future obligations” for the rehabilitation area.

 

At a meeting chaired by chief secretary, Maharashtra government, on May 29 it was agreed that the payment of Rs 600.82 crore would cover the cost of the rehabilitation area.

 

Through the sale deed, MMRCL and RBI agreed that the land would be transferred on a freehold basis.