By Nityanjali Bulsu
The Reserve Bank of India (RBI) has completed the purchase of a 4.16-acre plot of land at Nariman Point, one of Mumbai’s most prominent business districts, for Rs 3,472 crore. The land was acquired from the Mumbai Metro Rail Corporation Ltd (MMRCL), with the sale transaction officially registered on September 5. Documents accessed through the real estate data analytics firm CRE Matrix revealed that a stamp duty of Rs 208.3 crore was paid as part of the deal.
According to the sale papers, the RBI intends to use the land both for its own institutional needs as well as for commercial purposes. Currently, the central bank’s main headquarters is located in the Fort area of South Mumbai.
The ownership of this parcel had been transferred to MMRCL in March 2023, following a Maharashtra government resolution. Under that resolution, MMRCL was granted complete rights to “own, use, develop, transfer, or sell” the land, and was free to enter into third-party deals for its utilization.
The RBI had first expressed interest in acquiring the property through a letter issued on November 8, 2024. The plot previously housed offices belonging to various government departments and a political party. These offices together accounted for around 113,500 square feet (10,544 square metres) of carpet area and were identified as requiring either rehabilitation or relocation.
During negotiations, it was decided that the RBI would not be responsible for providing alternative premises for these offices. Instead, the central bank agreed to make a monetary payment to MMRCL in order to settle the matter. The agreement specified that this payment would release RBI from any “past, present, or future obligations” relating to the rehabilitation of the displaced offices.
In a meeting chaired by the Maharashtra chief secretary on May 29, it was concluded that Rs 600.82 crore would be the agreed sum to cover rehabilitation expenses. With this payment made, the land was formally cleared for transfer.
Finally, through the sale deed, both RBI and MMRCL confirmed that the property would change hands on a freehold basis, giving the central bank full ownership and rights over the Nariman Point plot.