Mumbai’s most iconic business districts, the Mumbai Metro Rail Corporation Ltd (MMRCL) is preparing to open bids for the highly anticipated development of a prime land parcel at Nariman Point. The bidding process for this prestigious ₹5,173 crore project will officially commence on February 17, 2025, following a pre-bid meeting scheduled for January 20, 2025. The final date for submitting bid security and power of attorney documents will coincide with the bid opening date, according to project officials.
The Request for Proposal (RFP) for the project, issued on October 8, 2024, focuses on a high-value plot located at CTS Nos. 1987 and 1988 in Nariman Point. The ambitious project involves the creation of 12,405 square meters of office space, with extensive rehabilitation work required before the commercial operation date (COD). The total permissible built-up area for the project, as per Development Control Regulations (DCR), is capped at 1,35,383 square meters. This marks the first time that such a prestigious plot is being put up for auction in Mumbai, with significant interest already generated from top global and domestic developers, including the Blackstone Group, Sumitomo Corp, Tata Group, Lodha, K Raheja Corp, and Oberoi Realty.
The chosen bidder will be required to form a Special Purpose Vehicle (SPV) under the Companies Act, 2013, to oversee the development in line with the Development and Lease Agreements. The lease term will span 90 years, with a fixed four-year construction period. The selected bidder must also provide a ₹51.73 crore security deposit through an irrevocable bank guarantee in favor of MMRCL. Strategically located above the Vidhan Bhavan metro station and close to Mantralaya on Free Press Marg, the Nariman Point site offers significant development potential. Additionally, the project benefits from the state’s formal transit-oriented development (TOD) policy, further enhancing its appeal.
This project, which integrates direct metro connectivity, is poised to be a pioneer in Mumbai’s urban planning landscape. The development of Nariman Point as a mixed-use hub will not only contribute to the city’s commercial vitality but also serve as a key element in the city’s infrastructure growth. The auction proceeds are expected to support ongoing metro projects across Mumbai, including significant infrastructure upgrades such as the Eastern Freeway, Atal Setu, Coastal Road, and expanded metro lines. With improved connectivity and modern infrastructure, Nariman Point is set to regain its position as one of Mumbai’s premier business destinations, attracting investment and driving economic growth.