MMRC executes deed for sale of Nariman Point land to RBI

Mumbai, Sep 11 (PTI) The Mumbai Metro Rail Corporation (MMRC) has executed a sale deed for the transfer of its land in south Mumbai to the Reserve Bank of India for Rs 3,471.82 crore, aimed at funding the Colaba-Bandra-SEEPZ Metro-3 corridor, officials said on Thursday.

The deal, executed on September 5, includes Rs 2,871 crore for freehold ownership of a 16,842 sqmt plot at Nariman Point and additional Rs 600.82 crore towards exemption from rehabilitation obligations, an MMRC release said.

The Government of Maharashtra had allocated Plot Nos 1987 and 1988 at Nariman Point to MMRC to help raise Rs 1,000 crore from real estate sources, as mandated by the Centre for the Metro-3 capital works.

MMRC had published an advertisement for sale, but the RBI approached it for direct purchase as it wanted land for a new office building, it said.

The transaction was finalized following due approvals and price negotiations, the MMRC said.

Two phases of the 33 km Metro-3 `Aqua line' (Aarey Colony JVLR to BKC and BKC to Acharya Atre Chowk) are already operational, and the final phase is expected to be completed soon. PTI KK KRK