Mumbai: The Mumbai Metro Rail Corporation Ltd (MMRCL) is contemplating to auction a 4.2-acre plot in Nariman Point through a global tender. This is for the first time that a land parcel in the most prominent address of the city will be auctioned. The company has appointed Knight Frank as advisor for the auction and the tenders would be floated within a week.
Situated above the Vidhan Bhavan metro station next to the Mantralaya, the land parcel has development potential of 1.6 million sq ft. According to Knight Frank, the land parcel is expected to fetch more than Rs 2,000 crore.
While the proceeds from the plot's auction will be utilised for the completion of the Mumbai metro projects, the developer is also expected to get the advantage of a single window clearance for the project from the Municipal Corporation of Greater Mumbai (MCGM) since the MMRCL has already presented the plan to the civic body.
According to sources, they have already held initial talks with leading global and domestic developers including the Blackstone Group, Sumitomo Corp, the Tata Group, Lodha, K Raheja Corp, Oberoi Realty etc and have got a positive response from the developers.
The authority has appointed property consultant Knight Frank India as the transaction advisor for the auction and the global tender is likely to be floated by as early as this week itself. "The plot will be open for a mixed-use development including offices, luxury residences and hospitality spaces. This will also be the first project in Mumbai to get the benefit of the state government’s formal transit-oriented development policy," said Gulam Zia, Senior Executive Director, Knight Frank India.
The proposed development by the MMRCL, according to Zia, will be a gamechanger for South Mumbai and the entire city. It will be among the first developments in the area to provide direct metro access, setting a new benchmark in integrated urban planning.
With the completion of key infrastructure projects including the Eastern Freeway, Atal Setu, extended Coastal Road, and the Metro will significantly enhance connectivity between Nariman Point, suburbs, Navi Mumbai and surrounding areas making it more accessible and attractive for businesses.
The improved traffic flow, reduced travel times, and the easing of congestion are expected to drive commercial activity, potentially restoring Nariman Point's prominence as a central business hub, while encouraging new investments and developments.
Located at the southern tip of Mumbai, Nariman Point is symbolic of India's corporate landscape. It houses key offices of major Indian and multinational corporations, financial institutions, government entities, legal firms, along with several consulates and embassies. Nariman Point's strategic location, proximity to the RBI, the BSE, the Bombay High Court, and its role as a hub for business, finance, and diplomacy contribute to its continued significance despite the emergence of newer business districts.
