On January 20, 2025, the Mumbai Metro Rail Corporation Ltd. (MMRCL) will host a pre-bid meeting for its eagerly awaited Request for Proposal (RFP) regarding the construction of a premium property at Nariman Point. On January 27, 2025, authority's answers to bidders' enquiries will be made public, and on February 17, 2025, bids will open.
According to people acquainted with the project, bid security and power of attorney documents must also be physically submitted by February 17, 2025.
The construction of the Nariman Point property designated as CTS Nos. 1987 and 1988 under a long-term lease is covered by the RFP, which was released on October 8, 2024. The project, which is projected to be worth INR 5,173 crore, will create 12,405 square meters of built-up office space. Furthermore, MMRCL mandates that the project's rehabilitation component be completed prior to the commercial operation date (COD). According to the relevant Development Control Regulations (DCR), the maximum allowable built-up area is 1,35,383 square meters.
This is the first time a piece of land in such a prominent location has been offered for sale. Knight Frank has been chosen to serve as the auction's advisor.
Initial conversations with well-known domestic and international developers, such as Blackstone Group, Sumitomo Corp, Tata Group, Lodha, K Raheja Corp, and Oberoi Realty, generated interest.
The successful bidder must create a Special Purpose Vehicle (SPV) in accordance with the Companies Act of 2013 in order to function as the developer or lessee as specified in the Development and Lease Agreements, based on the RFP. A fixed construction time of four years from the appointed date is included in the 90-year lease term. Additionally, bidders are required to furnish MMRCL with an irrevocable, unconditional bank guarantee for a security deposit of INR 51.73 crore.
The land parcel, which is strategically situated on Free Press Marg above the Vidhan Bhavan metro station close to Mantralaya, has 16,842 square meters of construction potential. The money raised from the sale of the site would help finish the metro construction in Mumbai. Since MMRCL has already submitted the project plan for civic permission, developers will also benefit from single-window permission with the Municipal Corporation of Greater Mumbai (MCGM).
The property is set aside for mixed-use construction, which will include business buildings, upscale homes, and hospitality establishments. The official transit-oriented development (TOD) policy, which was implemented by the state government, will be used for this project for the first time in Mumbai. The development will be positioned as a pioneer in integrated urban planning thanks to direct metro connectivity.
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