The Reserve Bank of India (RBI), in one of 2025’s biggest outright land transactions, has purchased a 4.16-acre prime plot at Nariman Point from the Mumbai Metro Rail Corporation Limited (MMRCL) for ₹3,472 crore. The landmark government-to-government deal, sealed on September 5, is not only among the costliest land sales by value this year but also reinforces Nariman Point’s standing as Mumbai’s commercial powerhouse.

According to the property registration documents, the sale deed for the transaction was registered on September 5, 2025. For this, a stamp duty of ₹20.83 crore was paid, along with a registration fee of ₹30,000.

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.

The documents accessed by CRE Matrix showed that the MMRCL’s Board approved the sale of the land to the RBI in January 2025.

“Subsequent to RBI’s request to MMRC for this land parcel, the MMRC Board has approved to consider the proposal appropriately. Accordingly, MMRC has cancelled the tender,” MMRCL statement said in January 2025.

The MMRC in October 2024 had said that 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.

Real estate experts say that with nearly 1.6 million sq ft. this government-to-government deal further solidifies Nariman Point’s position as Mumbai’s commercial hub.

Currently, office rentals in Nariman Point, one of the city’s iconic commercial districts, are ₹569 per sq ft. However, Knight Frank’s report in October 2024 said that this is expected to increase to ₹1,091 per sq ft by 2030, reflecting strong demand for premium office space in the area.

According to real estate consultancy Anarock, the MMR recorded the highest number of land deals in the first six months of 2025, with 24 transactions spanning over 433 acres.

Among the highest-value deals was a transaction involving veteran Bollywood actor Jeetendra Kapoor and his family, who sold a two-acre land parcel in Andheri for ₹855 crore to NTT Global Data Centres. The property was sold for data centre development through two family-owned entities, Pantheon Buildcon Private Limited and Tusshar Infra Developers Private Limited.

A total of 76 land deals spanning 2,900 acres were closed across India in the first half of 2025, up from 2,515 acres across 133 deals in all of 2024.