The Reserve Bank of India (RBI) has bought a sprawling 4.16-acre plot in the prestigious Nariman Point financial district from Mumbai Metro Rail Corporation for Rs 3,471.82 crore, per property transaction data sourced from CRE Matrix.

The purchase, formalized on September 5th with stamp duties totaling Rs 2,083 crore, will serve as the foundation for the Reserve Bank's new headquarters complex.

This acquisition commands around Rs 834 crore per acre, establishing a fresh benchmark for institutional property investments in South Mumbai's coveted business corridor.

This major real estate move occurs as various government and financial entities reassess their office space needs to support future expansion plans. 

The transaction ranks among Mumbai's most significant land deals, comparable to the 2023 sale where Wadia Group's Bombay Dyeing transferred 22 acres in Worli to Japanese developer Sumitomo's subsidiary for Rs 5,200 crore.