MMRCL to Monetise Land Along Metro Line 3 for Revenue Growth
Earlier, MMRCL attempted to auction a prime 4.2-acre Nariman Point plot but later cancelled the tender after the Reserve Bank of India (RBI) expressed interest in acquiring the land for its headquarters expansion. In the latest development, MMRCL has invited financial bids from empanelled consultants to oversee the monetisation process, ensuring efficient transaction structuring and regulatory compliance.
Among the identified sites, Byculla鈥檚 Jacob Circle plot spans 37,838 sq. ft., out of which 15,047 sq ft remains net developable post road-widening. This land will be jointly developed with the 亚博体育官网首页 Guard and Police Department, enhancing urban infrastructure while ensuring optimal land utilisation.
The Mahim site at Nayanagar, cleared of encumbrances, has been earmarked for institutional use as per Mumbai鈥檚 Development Plan 2034. Meanwhile, at Marol Naka, MMRCL envisions a 10-storey commercial structure atop an 895.5-sq m plot above the Metro station, to be executed under a PPP model. Similarly, in Dharavi, a 420-sq m parcel is available for development, forming part of a larger 4,805-sq m area occupied by metro infrastructure.
To ensure a structured and transparent approach, transaction advisors will play a crucial role in deal structuring, financial appraisals, and managing the bidding process. This will help attract the right investment partners while maximising financial returns for MMRCL.
Market Outlook With Mumbai's infrastructure growth accelerating, transit-oriented development (TOD) has gained prominence as a viable revenue stream for urban transport agencies. MMRCL鈥檚 monetisation initiative aligns with global best practices, where metro authorities leverage real estate assets to fund network expansion. The success of these transactions could set a precedent for future public transport-linked real estate developments, reinforcing Mumbai鈥檚 position as a rapidly evolving urban hub.