Mumbai Metro Sells Land to RBI for Metro-3 Funding

The Mumbai Metro Rail Corporation has sold land in south Mumbai to the Reserve Bank of India for Rs 3,471.82 crore. This sale aims to fund the Metro-3 corridor. The transaction involves a 16,842 sqmt plot at Nariman Point and additional fees for exemption from rehabilitation duties.

The Mumbai Metro Rail Corporation (MMRC) has struck a deal to sell its land in south Mumbai to the Reserve Bank of India for Rs 3,471.82 crore, according to officials.

This move supports the funding for the Colaba-Bandra-SEEPZ Metro-3 corridor. The transaction, enacted on September 5, covers Rs 2,871 crore for a 16,842 sqmt plot at Nariman Point for freehold ownership, and an extra Rs 600.82 crore to eliminate rehabilitation obligations, stated an MMRC release.

The Maharashtra government had allocated the Nariman Point plots to MMRC for raising Rs 1,000 crore through real estate, a requirement set by the Centre for the Metro-3 capital works. The Reserve Bank of India's approach for the purchase happened post MMRC's advertisement for the land sale. The finalization occurred after due approvals and price settlements. Two phases of the 33 km Metro-3 'Aqua line' are functional, with the last phase concluding soon.

(With inputs from agencies.)