MMRC looks to raise ₹5,173 crore from Nariman Point plot

The plot earlier housed offices of various political parties, including that of the undivided Nationalist Congress Party (NCP), which has since been shifted to Ballard Estate. It was vacated to facilitate construction of the Vidhan Bhavan metro station through cut-and-cover methodology.

As per documents accessed by HT, the plot has a development potential of 16 lakh sqft, out of which 1,13,500 sqft would have to be handed over to the state towards rehabilitation. The selected bidder would have the option of paying 100% of the amount upfront without any interest or 50% of the amount upfront and the balance over four years with 12% interest per annum.

Once the plot is developed, political party offices are likely to move back to their original addresses. MMRC is likely to utilise the proceeds to finance the ongoing metro line and initiate payment of interest to the Japan International Cooperation Agency. Alternative investment funds and foreign investment funds can participate in the tender process and bids can be placed by a consortium of not more than three companies.

According to sources, discussions on leasing the plot have already been held with Oberoi Realty, RMZ Group, Sumitomo Corp, Tata Group, K Raheja, Blackstone Group, Mapletree Investments and Hines.

The plot in question was handed over to MMRC as an alternative to the plot within Metro 3’s Aarey car depot. The first phase of Metro 3 between Aarey JVLR and Bandra Kurla Complex is scheduled for inauguration on Saturday by Prime Minister Narendra Modi.