MMRC cancels tender for Nariman Point land development in Mumbai after RBI's request

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The Mumbai Metro Rail Corporation (MMRC) has decided to consider a formal request from the Reserve Bank of India (RBI) for a prime land parcel at Nariman Point. The central bank has sought the land parcel for its offices.

The Request for Proposal (RFP) for property development at this premium location, issued on October 3, 2024, via the CPPP Portal, was widely disseminated through publications in prominent national and international newspapers. MMRC also conducted outreach through roadshows in Mumbai, Bengaluru, and Delhi in the months of October and November last year.

After receiving RBI's proposal, the MMRC Board convened to deliberate on the matter. The board has now approved the consideration of the central bank's request, leading to the cancellation of the tender associated with the land parcel.

MMRCL allots 1.3-lakh square feet commercial space across 27 Mumbai Metro-3 stations

Mumbai Metro Rail Corporation Limited (MMRCL) awarded 1.3 lakh square feet of retail commercial space at 27 Mumbai Metro Line-3 stations. These spaces, offered through an open tender process, cater to diverse commercial segments, including office food & beverage (F&B), retail, banking ATMs, and vending machines.

The available spaces include 40,000 square feet large floor plates to smaller kiosks of about 100 square feet. The commercial spaces are strategically located in high footfall areas of the metro stations and attracted prominent bidders across various sectors. Major retail players such as Tata Trent, India Retail & Hospitality, Naman Group Rozeus Retail, Mystical Group and individual brands like Amar Tea, Warna Sahakari, Delicia Foods, and Chitale Bandhu participated in the bid. The response underscores the attractiveness of the location, the exclusivity of large spaces, and the high anticipated ridership once the metro line is fully operational. The annual lease rentals from this transaction would offset the O&M cost and JICA loan repayments. The Non-Fare Box Revenue (NFBR) transactions are being facilitated by Auctus Advisors.

"By maximising revenue from non-fare sources, we can keep ticket fares in check, ensuring that the metro remains affordable and accessible to a larger segment of the public. This is critical to making public transport in Mumbai more sustainable and promoting its use. As more and more passengers opt for environment-friendly modes of transportation, we will contribute to decongesting the city and improving Mumbai's liveability ranking," said Ashwini Bhide, Managing Director, MMRCL, on the development.