Nariman Point’s ₹5,173 Cr Project Bids Opening Soon
In a significant move aimed at transforming one of Mumbai’s prime real estate locations, the Mumbai Metro Rail Corporation Ltd (MMRCL) is set to open bids for the long-awaited development of a land parcel at Nariman Point. The bidding process, crucial for the proposed mixed-use project, will officially begin on 17 February 2025, following a pre-bid meeting scheduled for 20 January 2025. The final deadline for physical submissions of bid security and power of attorney documents will also coincide with the bid opening date, according to project sources.
This Request for Proposal (RFP), initially issued on 8 October 2024, concerns the development of a high-value plot identified as CTS Nos. 1987 and 1988 at Nariman Point. The project, estimated at ₹5,173 crore, includes the creation of 12,405 square meters of built-up office space, alongside significant rehabilitation work to be completed prior to the commercial operation date (COD). According to Development Control Regulations (DCR), the total permissible built-up area for the project is capped at 1,35,383 square meters. Notably, this marks the first time that a land parcel of this prestige is being put up for auction. To guide the process, Knight Frank has been appointed as the official advisor. Early discussions with major global and domestic developers—such as Blackstone Group, Sumitomo Corp, Tata Group, Lodha, K Raheja Corp, and Oberoi Realty—have reportedly generated considerable interest in the project.
The selected bidder will be required to form a Special Purpose Vehicle (SPV) under the Companies Act, 2013, which will be responsible for executing the development as outlined in the Development and Lease Agreements. The lease term will extend for 90 years, with a fixed construction period of four years from the appointed date. In addition, the winning bidder must provide a security deposit of ₹51.73 crore via an irrevocable bank guarantee in favour of MMRCL. Strategically located above the Vidhan Bhavan metro station, near Mantralaya on Free Press Marg, the Nariman Point site holds significant development potential. It boasts an additional 16,842 square meters of area and benefits from the formal transit-oriented development (TOD) policy implemented by the state government. With its direct metro connectivity, this project will be a trailblazer for integrated urban planning in Mumbai.
The auction proceeds are expected to support the completion of various metro projects across Mumbai, making this development a pivotal element in the city’s ongoing infrastructure push. With infrastructure upgrades such as the Eastern Freeway, Atal Setu, Coastal Road, and expanded metro lines, Nariman Point’s enhanced connectivity is expected to restore its reputation as a prime business hub, attracting both commercial activity and investment.
