(Image source from: Msn.com)

The Reserve Bank of India has finalized the acquisition of a 4.2-acre plot in the commercial area of Nariman Point in south Mumbai for approximately Rs 3,472 crore, as shown in property registration records reviewed by CRE Matrix. Property specialists state that this acquisition is among the largest in Mumbai's history, costing over Rs 800 crore per acre. The seller was the Mumbai Metro Railway Corporation Ltd (MMRCL), which is working on the Aqua Line of the Mumbai Metro. The land, one of the few open spaces in the vicinity, is located above the Vidhan Bhavan metro station, which is expected to launch in the coming months as part of the Aqua Line's final phase. The central bank also paid a stamp duty of Rs 208 crore for this deal.

Initially, MMRCL planned to auction this land, which has a development capacity of around 1.6 million square feet, as developers can build more there due to transit-oriented development (TOD) regulations. They had hired Knight Frank India to manage the sale, with several large builders and private equity firms showing interest in the plot. However, MMRCL chose to cancel the sale when the central bank indicated they wanted to buy it. RBI's headquarters is nearby in Fort, and it has additional offices in areas like Bandra Kurla Complex and CBD Belapur in Navi Mumbai. The organization also provides residential options throughout the city for its staff.

A close observer of the central bank noted that this land purchase will assist the RBI in streamlining its facilities in the city. "As RBI's activities expand and spread across the city, acquiring such plots allows RBI to centralize its offices and plan for future space requirements. A purchase like this is advantageous for both the local government, as it attracts a strong buyer, and for RBI, as it helps to simplify operations," the observer commented.