Mumbai Metro to put prime 4.2-acre land in Nariman Point on block
Nariman Point, the original central business district of the country's financial capital, is set to get a major boost with the Mumbai Metro Rail Corporation (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 Nariman Point is being auctioned ever since its emergence as a prime downtown planned commercial zone in the early 1970s.
The authority has already held initial talks 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 from potential bidders.
«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 in an interview.
She believes that improved traffic flow, reduced travel times, and the easing of congestion are expected to drive commercial activity, potentially restoring Nariman Point's prominence as a central business hub, while encouraging new investments and developments.
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