The Mumbai Metro Rail Corporation Ltd. (MMRCL) is planning to hold a global tender for the auction of a 4.2-acre land parcel at Nariman Point. This is the first time a plot in this part of Mumbai will be sold. The tenders are expected to be floated within a week.
The land spans 1.6 million square feet. It is located near the Mantralaya and lies above the Vidhan Bhavan metro station. Property consultancy firm Knight Frank has been appointed as the advisor for this auction. Knight Frank estimates that the auction could generate over INR 2,000 crore.
The MMRCL has already presented the development plans to the Brihanmumbai Municipal Corporation (BMC). The chosen developer could benefit from a single window clearance process for the project. The money from the auction will be used to fund Mumbai’s metro projects.
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The corporation has already held initial talks with several top domestic and international developers. Some of the interested parties include Blackstone Group, Hines, Sumitomo Corp., Tata Group, Lodha, K Raheja Corp., RMZ Group, and Oberoi Realty. The feedback from the developers has reportedly been positive.
As per reports, the land will be used for a mixed-use building. The development will feature office spaces, luxury residences, and hospitality facilities. This will also be the first project in Mumbai to benefit from the state government’s transit-oriented development policy.
The property will have direct access to the metro station. Once projects like the Eastern Freeway, Atal Setu, Coastal Road, and Metro are completed, connectivity to Nariman Point will improve more. This is expected to attract more businesses to the area.
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