RBI Invites Bids For Rs 1,586 Crore Central Office Tower At Nariman Point
On July 10, 2026, the Reserve Bank of India (RBI) initiated the bidding process for the construction of a new central office tower in Nariman Point, South Mumbai. The project, which has an estimated development cost of Rs 1,586 crore, will be built on land acquired from the Mumbai Metro Rail Corporation Ltd. (MMRC).
The RBI's Premises Department issued a tender notice for the project, titled "Development of New Central Office Building for Reserve Bank of India at Nariman Point, Mumbai." The contract will be executed on a Design & Build basis through a two-stage, two-envelope techno-commercial bidding process.
The central bank has set a deadline of July 13, 2026, for empanelled design and build construction agencies to submit their Stage-I concept designs. The entire project is scheduled to be completed within 60 months, a timeline that includes the monsoon seasons.
Participating agencies are required to submit an earnest money deposit of Rs 31.72 crore. The performance security for the successful bidder has been fixed at 5 percent of the accepted contract amount.
During the first stage of the bidding process, agencies must submit three distinct concept designs. The RBI will select and approve one concept from each bidder. Following this selection, the approved bidders will be invited to submit detailed technical and financial bids in the second stage of the process.
The upcoming office complex will stand on a 16,842-square-metre land parcel that the RBI purchased from MMRC in September 2025. The land transaction was valued at Rs 3,471 crore, making it one of the largest government-to-government real estate deals in Mumbai.
Of the total land acquisition cost, the RBI paid Rs 2,871 crore for freehold ownership rights. An additional Rs 600.82 crore was paid to exempt the central bank from providing a rehabilitation area.
The Maharashtra government originally earmarked the Nariman Point plot to assist MMRC in raising funds for the Mumbai Metro Line 3 project. The RBI approached MMRC for a direct purchase to set up its new office complex, leading to the approved government-to-government transaction.
