RBI Plans ₹1,586-Crore Office Tower At Nariman Point
RBI invites bids for new central office tower, estimated cost ₹1,586 crore. Deadline for submission extended to July 13.
The Reserve Bank of India (RBI) has initiated the process for constructing a new central office tower at Nariman Point in South Mumbai, with an estimated project cost of ₹1,586 crore. The proposed development will be built on a land parcel acquired from Mumbai Metro Rail Corporation Ltd. (MMRC) last year.
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 deadline for submission of Stage-I concept designs extended to July 13.
The project, titled 'Development of New Central Office Building for Reserve Bank of India at Nariman Point, Mumbai', has a stipulated completion period of 60 months, including the monsoon season. Bidders are required to submit an earnest money deposit of ₹31.72 crore, while the performance security has been fixed at 5% 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.
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 ₹3,471 crore.
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.
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. The project is expected to take five years to complete.
The construction of the new office tower is a significant development for Mumbai's real estate market. The project is expected to generate employment opportunities and stimulate economic growth in the region.
The RBI's decision to construct a new central office tower at Nariman Point is a testament to the area's importance as a business hub. The project is expected to enhance the city's infrastructure and contribute to its growth as a financial center.
In conclusion, the RBI's plan to construct a new central office tower at Nariman Point is a significant development for Mumbai's real estate market and the city's economy as a whole. The project is expected to have a positive impact on the region and contribute to its growth and development.
