The Mumbai Metro Rail Corporation Ltd (MMRC) has executed a landmark land transaction with the Reserve Bank of India (RBI), selling a prime plot at Nariman Point for a total consideration of Rs 3,471.82 crore.
The sale deed was signed on September 5, transferring ownership of 16,842 sq.m of land, Plot Nos. 1987 and 1988, to the RBI. The central bank paid Rs 2,871 crore for freehold rights and an additional Rs 600.82 crore in lieu of rehabilitation obligations.
The deal is part of MMRC’s real estate monetisation strategy, mandated under the Government of India’s approval for the Colaba-Bandra-SEEPZ Metro-3 Corridor, which requires the agency to raise Rs 1,000 crore from land assets to fund capital works.
Originally, MMRC had floated a public advertisement for the sale of the plot in July 2024. However, the RBI submitted a proposal for direct purchase, intending to build its new office headquarters at the strategic Nariman Point location. Following procedural approvals, the deal was processed as a Government-to-Government (G2G) transaction, and the final price was determined through negotiation.
Officials have hailed the transaction as a win-win, enabling MMRC to strengthen its funding pipeline for the city’s underground Metro line while facilitating RBI’s expansion plans in the financial capital.
CM Fadnavis slams Karnataka govt over St Mary metro station plan; says it is insult to Shivaji
Maharashtra Chief Minister Devendra Fadnavis on Thursday slammed the Congress government in neighbouring Karnataka for its move to rename Shivajinagar metro rail station in Bengaluru after St Mary.
Karnataka Chief Minister Siddaramaiah recently said his government would consider renaming Bengaluru`s Shivajinagar metro station after St Mary following a request made during the annual feast at St Mary`s Basilica. His deputy, DK Shivakumar, had claimed there is nothing unusual in responding to such community requests.
Talking to reporters, CM Fadnavis said, “I condemn the Karnataka government`s move to rename Shivajinagar metro station in Bengaluru after St Mary. It`s an insult to Chhatrapati Shivaji Maharaj. The Congress has continued its tradition of insulting the Maratha warrior king since the time of Nehru, who made comments against Shivaji Maharaj in his book The Discovery of India.”
Fadnavis said he was praying that the Almighty give Siddaramaiah sense to not go ahead with such a decision that is based on religion and was against the Maratha warrior king.
