The Reserve Bank of India (RBI) has started the process of construction of its new central office building at Nariman Point in South Mumbai, the cost of the project is estimated at ₹1,586 crores. The office will be built on a prime land parcel that the central bank has acquired from Mumbai Metro Rail Corporation Limited (MMRCL). ₹3,472 crore in 2025, one of the largest government-to-government real estate transactions of financial capital.
According to the tender document issued by the Campus Department of the RBI, the project titled ‘Development of New Central Office Building for the Reserve Bank of India at Nariman Point, Mumbai’ will be executed on a design and build (DB) basis through a two-stage, two-envelope techno-commercial bidding process.
The central bank has invited bids from empaneled design and build construction agencies with the project envisaged as a modern office complex in one of the most prestigious business districts of India.
Also read: ₹3,472 crore from MMRCL”>Mumbai top real estate deal: RBI picks Nariman Point land parcel ₹Rs 3,472 crore from MMRCL
The tender specifies the estimated project cost ₹Rs 1,586 crore and construction period of 60 months including monsoon season.
Interested bidders are required to deposit advance money deposit (EMD). ₹31.72 crore, while the successful contractor will have to provide performance security equal to 5% of the accepted contract value. The project will follow a two-stage bidding process, with participating agencies required to submit a number of architectural concept designs in the first stage before financial bids are evaluated.
All about Nariman Point Plot
The new RBI office tower will be built on the 4.2-acre Nariman Point land parcel acquired by RBI from MMRCL. The site is one of the last large contiguous land parcels available in the Central Business District of Mumbai and offers development potential of approximately 16 lakh square feet including the rehabilitation component. The acquisition is one of the largest institutional real estate transactions in the country and underlines RBI’s long-term plans to strengthen and expand its operations in Mumbai.
Also read: Mumbai Coastal Road North: How it will impact real estate markets along the western corridor
MMRCL had fixed the reserve price of the plot at approx. ₹5,173 crores. In October 2024, MMRC floated global bids to monetize the land on long-term lease basis. However, in November 2024 RBI expressed interest in purchasing it. Subsequently, the land was sold to RBI, and the transaction was registered in September 2025, with the total cost being more ₹3,472 crores.
In October 2024, MMRC said that the plot has a development potential of 1.6 million square feet. The plot previously housed offices of various political parties, including the undivided Nationalist Congress Party (NCP), which has since been shifted to Ballard Estate. It was vacated to facilitate the construction of Vidhan Bhavan metro station.
All about Nariman Point
Nariman Point, developed through land reforms in the 1970s, has long served as Mumbai’s major commercial district and houses the headquarters of major financial institutions, multinational companies, law firms and government agencies. Although new business hubs such as the Bandra-Kurla Complex (BKC) have emerged in the last two decades, Nariman Point has retained its strategic importance due to the concentration of financial and regulatory institutions.
