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Mumbai Metro Rail Corporation Limited (MMRCL) is looking to monetize land parcels in Byculla, Marol, Mahim, and Dharavi totaling around 12,491 square meters. These plots, located along the Mumbai Metro Line 3 route, could be developed through joint ventures, public-private partnerships (PPPs), or direct sales. The program is consistent with MMRCL's objective to optimize land usage and produce revenue for metro construction. Previously, MMRCL sought to auction a 4.2-acre site in Nariman Point, but the offer was withdrawn due to the Reserve Bank of India's (RBI) interest in purchasing the land. Financial bids for the next effort are anticipated this week, with advisors overseeing the process to guarantee the best use of these sites.
Mumbai Metro Rail Corporation Limited (MMRCL), the company in charge of planning and carrying out metro projects in the financial capital, is attempting to monetize land parcels in four strategic locations across south and central Mumbai. These properties, which are located in Byculla, Marol, Mahim, and Dharavi, cover around 12,491 square meters along the Mumbai Metro Line 3 line. Advertisement
According to sources, MMRCL intends to develop these sites through strategic joint ventures, public-private partnerships (PPP), and direct sales. This plan is part of the corporation's larger aim to maximize land usage and earn cash to help expand Mumbai's metro network.
Previously, MMRCL advertised a 4.2-acre prime land in Nariman Point for auction via a global tender. This was a historic move because it was the first time a property in Nariman Point had been auctioned since the business district's inception in the early 1970s. The Reserve Bank of India (RBI) has expressed an interest in acquiring the site for the expansion of its headquarters. As a result, MMRCL terminated the offer to consider the RBI suggestion. MMRCL has now requested financial bids from its appointed advisors to manage the next land monetization process. These bids are anticipated to be filed this week, according to the tender documents accessed by ET.
Among the land parcels under consideration, the Byculla plot at Jacob Circle measures 37,838 square feet and has a net developable area of 15,047 square feet after planned road expansion efforts. This location is well-connected, being close to Mahalaxmi Metro Station, Saat Rasta, and the Eastern Express Highway. MMRCL has suggested a cooperative development plan for this area, which includes the Home Guard and the Police Department. The Mahim site in Nayanagar, which was formerly used for metro digging, has been cleared of encumbrances following the removal of slum dwellers. According to Mumbai's Development Plan 2034, this site is reserved for institutional use and could potentially host educational or research facilities.
MMRCL intends to build a commercial ground-plus-10-story structure over the Marol Naka Metro Station in Marol, Andheri East, under a PPP agreement. The project is expected to boost business activity in the area. The Dharavi site, while smaller at 420 square meters, is strategically important due to its proximity to the future Dharavi Metro Station and accessibility via the Mahim-Sion Link Road. The overall gross area is 4,805 square meters, but much of it is used for metro infrastructure. To help with the monetization process, transaction advisers will be hired to create transactions, undertake financial assessments, and assist with the bidding process.
Mumbai's Transit-Oriented Development (TOD) strategy promotes a higher Floor Space Index (FSI) around metro stations, resulting in increased commercial and residential demand in the surrounding districts. The success of public-private partnership (PPP) models in Indian metro projects, such as the Hyderabad Metro and developments along metro lines in Delhi and Bengaluru, proves the strategy's potential. Real estate trends along Mumbai's Metro Lines 2A and 7 have demonstrated growing demand for residential and commercial properties, indicating a high potential for MMRCL's latest monetization initiatives.
Inputs from Economic Times & ET Realty
5th Jun, 2025
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