Mumbai, July 10, 2026: The Reserve Bank of India (RBI) has initiated the process for the construction of a new central office tower at Nariman Point in South Mumbai, with the estimated project cost pegged at Rs 1,586 crore.
The proposed development will come up on the land parcel acquired from Mumbai Metro Rail Corporation Ltd. (MMRC) last year in one of the city's largest government-to-government real estate transactions.
Tender Process Begins
According to the tender notice issued by the RBI's Premises Department, the project will be executed on a Design & Build (DB) basis through a two-stage, two-envelope techno-commercial bidding process.
The tender has been floated among empanelled design and build construction agencies, with the central bank recently extending the deadline till July 13 for the submission of Stage-I concept designs.
The project is titled "Development of New Central Office Building for Reserve Bank of India at Nariman Point, Mumbai" and has a stipulated completion period of 60 months, including the monsoon season.
Bidders are required to submit an earnest money deposit of Rs 31.72 crore, while the performance security has been fixed at 5 per cent of the accepted contract amount.
Under the first stage of bidding, participating agencies must submit three concept designs. The RBI will approve one concept from each bidder, following which detailed technical and financial bids will be invited in the second stage.
Land Acquired From MMRC
The upcoming tower is expected to become one of the most prominent additions to Mumbai's central business district. The site is part of the 16,842-square metre Nariman Point land parcel that RBI purchased from MMRC in September 2025 for Rs 3,471 crore.
In that transaction, RBI paid Rs 2,871 crore towards freehold ownership rights and an additional Rs 600.82 crore for exemption from providing rehabilitation area. The deal formed part of MMRC's asset monetisation strategy linked to the Mumbai Metro Line 3.
The land was originally earmarked by the Maharashtra government to help MMRC raise funds for the metro project. RBI had approached MMRC for a direct purchase to establish a new office complex, following which the transaction was approved through the government-to-government route.
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Project To Take Five Years
With the tendering process now underway, the proposed RBI tower is set to become one of the largest public-sector office developments currently planned in Mumbai's Nariman Point business district.
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