Mumbai Metro Rail Cancels Nariman Point Development After RBI Request

The Mumbai Metro Rail Corporation has canceled a tender for developing property at Nariman Point. This decision follows a formal request from the Reserve Bank of India to use the land for its offices. The tender had been issued in October 2024 and extensively promoted.

The Mumbai Metro Rail Corporation (MMRC) has announced the cancellation of a tender originally meant for property development at Nariman Point, a prestigious business district in Mumbai. This move comes in response to a request from the Reserve Bank of India (RBI), which intends to use the location for its offices.

The MMRC Board's decision followed the RBI's formal request for the land. This led the board to reconsider and ultimately approve the proposal favorably, according to the release issued by the corporation.

Originally, an extensive outreach campaign had been launched in October 2024 to attract bids for the property development. However, despite efforts that included advertisements and roadshows across major Indian cities, the project has now been shelved in favor of the RBI's plans.

(With inputs from agencies.)