Nariman Point, the original central business district of the country’s financial capital, is set to witness a major boost with the Mumbai Metro Rail Corporation Ltd (MMRCL) planning to put a prime 4.2-acre land parcel in South Mumbai on the block through a global tender.
This is for the first time a land parcel in this prime downtown planned commercial zone is being auctioned ever since it came up in the early 1970s.
The authority has already held initial discussions with leading global and domestic entities including the Blackstone Group, Hines, Mapletree Investments, Sumitomo Corp, the Tata Group, Lodha, K Raheja Corp, Oberoi Realty, and RMZ Group and has received a positive response for the same.
“With the completion of key infrastructure projects including the Eastern Freeway, Atal Setu, extended Coastal Road, and the Metro itself will significantly enhance connectivity between Nariman Point and the city’s suburbs, Navi Mumbai, and peripheral regions, making it more accessible and attractive for businesses and investors,” Ashwini Bhide, MD, MMRCL, told ET.
She is of the view that improved traffic flow, reduced travel times, and the easing of congestion are expected to boost commercial activity, potentially restoring Nariman Point’s prominence as a central business hub while encouraging new investments and developments.
The authority has appointed property consultant Knight Frank India as the transaction advisor for the auction and the global tender is likely to be floated by as early as this week itself.
“The plot will be open for a mixed-use development including offices, luxury residences and hospitality spaces. This will also be the first project in Mumbai to get the benefit of the state government’s formal Transit Oriented Development policy,” said Gulam Zia, senior executive director, Knight Frank India.
The proposed development by the MMRCL, according to Zia, will be a game changer for South Mumbai and the entire city. It will be among the first developments in the area to provide direct Metro access, setting a new benchmark in integrated urban planning.
The land parcel above the Vidhan Bhavan metro station next to the state government’s administrative headquarters Mantralaya is estimated to have development potential of 1.6 million sq ft.
According to property consultants, the land parcel with this kind of development potential in South Mumbai’s most prominent business location is expected to fetch more than Rs 2,000 crores.
The proceeds from the plot’s auction will be utilized for the completion of Mumbai metro projects.
The developer is also expected to get the advantage of a single-window clearance for the project from the Municipal Corporation of Greater Mumbai (MCGM) and the Mumbai Metro Corporation has already presented the matter to the civic body for the same.
While the idea to reclaim land near the sea for a business district was floated in the 1940s, actual work started in the late 1960s. By the 1980s, Nariman Point became India’s premier office district, with some of the highest property prices in the world.
The business district located at the southern tip of Mumbai has long been a vital business district and is symbolic of India’s corporate landscape. It houses key offices of major Indian and multinational corporations, financial institutions, government entities, legal firms, along with several consulates and embassies.
Nariman Point’s strategic location, proximity to the Reserve Bank of India, the Bombay Stock Exchange, the Bombay High Court, and its role as a hub for business, finance, and diplomacy contribute to its continued significance, even as newer business districts emerge across Mumbai.
Source Homevior.in
