Mumbai Metro 3 Lands Rs 5,173 Crore Boost: Nariman Point Plot Leased for Commercial Growth

The Mumbai Metro Rail Corporation (MMRC) is planning to lease a 4.2-acre plot of land at Nariman Point for a period of 90 years, aiming to raise substantial funds for the development of the Metro 3 route. This initiative is expected to bring in around Rs 5,173 crore, which will help cover the costs associated with the third metro line.

Land Transfer And Development Plans

The state government had previously transferred this 4.2-acre plot, located near the Vidhan Bhawan station of Metro 3, to MMRC for the construction of the metro station. Various government offices and political party spaces situated on this site were relocated to facilitate the construction work. At the time of this transfer, the government required MMRC to rehabilitate these offices by building 1.13 lakh square feet of space for them after the station's completion.

Now, MMRC plans to commercially develop the remaining land to generate revenue. The plot will be leased to national or foreign investors, who will be responsible for constructing the required 1.33 lakh square feet of space for MMRC and developing the rest of the area. The remaining space can be utilised for commercial purposes, which may include office complexes, residential units, or hospitality businesses. MMRC has appointed Knight Frank as a consultant to oversee the leasing process and has recently floated a tender for this purpose.

Government Approval And Previous Plans

The state government has also allotted another three-hectare plot near the Aarey Carshed to MMRC, intended to raise Rs 1,000 crore for the Metro 3 route. However, this proposal faced significant opposition from environmental activists due to concerns about the environmental impact of commercial development in Aarey, leading to the cancellation of the plan.

As no other suitable land was available to raise the necessary funds, MMRC requested the government to approve the commercial development of the plot near Vidhan Bhawan. The government has now granted this approval, paving the way for the leasing and development process.

Plot Details

• Plot Area: 4.16 acres
• Buildable Area: 14.57 lakh square feet
• Expected Revenue: Rs 5,173 crore

This project is a significant step for MMRC to ensure that adequate funding is secured for the Metro 3 route while also encouraging commercial growth in the Nariman Point area.