Mumbai Real Estate: RBI Invites Bids For Independent Engineer To Oversee ₹123.70-Crore Pedder Road Residential Tower

Mumbai, July 10, 2026: The Reserve Bank of India (RBI) has initiated the process of appointing an Independent Engineer to supervise the construction of its Rs 123.70-crore residential housing complex project at Pedder Road in South Mumbai, extending the bid submission deadline.

According to a corrigendum issued by the central bank, the last date for submission of bids has been extended from July 7 to July 15, 2026, while the opening of bids has been rescheduled from July 8 to July 16.

Independent Engineer To Oversee Project

The Independent Engineer will be responsible for end-to-end construction supervision and project management for the proposed residential development, which is being built on a Design and Build (DB) basis. The assignment is open only to firms empanelled by the RBI under Category A: Residential Building Projects.

The project involves the construction of a 40-storey residential tower comprising a ground floor and 10 podium levels on a 1,241.93-square metre plot at Pedder Road in the Malabar Hill division. The building will have a total built-up area of approximately 14,700 square metres and will rise to an estimated height of 140 metres.

The housing complex is being developed to provide residential accommodation and associated facilities for RBI officers.

Project Features And Timeline

Apart from residential units, the development will include several amenities such as a clubhouse, gymnasium, dispensary, podium parking and a sewage treatment plant (STP).

The selected Independent Engineer will oversee construction quality, monitor project progress, ensure compliance with contractual and technical specifications, and certify milestones throughout the execution period.

The tender for appointing the Independent Engineer was published on June 16, with a pre-bid meeting held on June 22. Following the extension, interested empanelled firms can submit bids until 3 pm on July 15, with technical bids scheduled to be opened the following day.

Also Watch:

The Pedder Road project is part of the RBI's ongoing efforts to strengthen residential infrastructure for its officers in Mumbai, where the central bank's headquarters is located on Shahid Bhagat Singh Road in Fort. Once completed, the high-rise housing complex will add to the institutional residential developments in the city's upscale Malabar Hill precinct.

To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/