The Reserve Bank of India (RBI) has initiated the process for the construction of its new central office building at Nariman Point in South Mumbai, with the project estimated to cost ₹1,586 crore. The office will be built on a prime land parcel that the central bank acquired from the Mumbai Metro Rail Corporation Ltd. (MMRCL) for ₹3,472 crore in 2025, one of the financial capital’s largest government-to-government real estate transactions.
According to the tender document issued by the RBI’s Premises Department, the project, titled ‘Development of New Central Office Building for 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 empanelled design-and-build construction agencies, with the project envisaged as a modern office complex at one of India’s most prestigious business districts.
The tender specifies an estimated project cost of ₹1,586 crore and a construction period of 60 months, including the monsoon season.
Interested bidders are required to furnish an earnest money deposit (EMD) of ₹31.72 crore, while the successful contractor must provide a 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 multiple architectural concept designs in the first stage before financial bids are evaluated.
All about the Nariman Point plot
RBI’s new office tower will be come up on the 4.2-acre Nariman Point land parcel acquired by RBI from MMRCL. The site is among the last large contiguous land parcels available in Mumbai’s central business district and offers a development potential of nearly 16 lakh sq ft, including the rehabilitation component. The acquisition marked one of the country’s largest institutional real estate transactions and underscored RBI’s long-term plans to consolidate and expand its operations in Mumbai.
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The MMRCL had pegged the plot’s reserve price at around ₹5,173 crore. In October 2024, the MMRC floated global bids to monetise the land on a long-term lease basis. However, in November 2024, the RBI expressed interest in purchasing it. Following this, the land was sold to RBI, and the transaction was registered in September 2025, for a total cost of over ₹3,472 crore.
In October 2024, the MMRC said the plot has a development potential of 1.6 million sq ft. 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 the Vidhan Bhavan metro station.
All about Nariman Point
Nariman Point, developed through land reclamation in the 1970s, has long served as Mumbai’s premier commercial district and houses the headquarters of leading financial institutions, multinational companies, law firms and government agencies. Although newer business hubs such as the Bandra-Kurla Complex (BKC) have emerged over the past two decades, Nariman Point continues to retain its strategic importance due to its concentration of financial and regulatory institutions.
