RBI Seeks Engineer For ₹123.70-Crore Mumbai Tower

The Reserve Bank of India has initiated the process of appointing an Independent Engineer to supervise the construction of its ₹123.70-crore residential housing complex project at Pedder Road in South Mumbai.

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 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.

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. Interested empanelled firms can submit bids until 3 pm on July 15, with technical bids scheduled to be opened the following day.

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

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.

The RBI has been actively involved in developing residential infrastructure for its officers in Mumbai. This project is a significant step towards providing modern and comfortable housing facilities to its employees.

The completion of this project will not only provide residential accommodation to RBI officers but also contribute to the development of the Malabar Hill area. The project is expected to be completed within the specified timeline, and the selected Independent Engineer will play a crucial role in ensuring the successful execution of the project.

In conclusion, the RBI's initiative to appoint an Independent Engineer for the Pedder Road project is a significant step towards ensuring the successful completion of the project. The project will provide modern and comfortable housing facilities to RBI officers and contribute to the development of the Malabar Hill area. The extension of the bid submission deadline provides an opportunity for interested firms to participate in the project and showcase their expertise in construction supervision and project management.