MMRCL to Monetize Land Parcels Along Mumbai Metro 3 Corridor.

Mumbai Metro Rail Corporation Limited (MMRCL) is set to monetize land parcels in four key localities of south and central Mumbai as part of its strategy to generate revenue for metro expansion. The identified plots, located in Byculla, Marol, Mahim, and Dharavi, span a total of 12,491 square meters and will be developed through joint ventures, public-private partnerships (PPP), or outright sales, according to sources familiar with the matter.

The move aligns with MMRCL’s broader objective of optimizing land use while financing critical infrastructure projects. Previously, the authority attempted to auction a 4.2-acre prime land parcel in Nariman Point through a global tender. However, the tender was later canceled after the Reserve Bank of India (RBI) expressed interest in acquiring the plot for its headquarters expansion.

MMRCL has invited financial bids from empaneled consultants to oversee the land monetization process. These bids, expected to be submitted this week, will ensure optimal utilization of the properties, according to a tender document reviewed by ET.

Key Land Parcels Identified for Monetization

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  Byculla (Jacob Circle): Spanning 37,838 sq ft, this site has been earmarked for joint development with the Home Guard and the Police Department. Following road-widening initiatives, the net developable area stands at 15,047 sq ft. The location is in close proximity to Mahalaxmi Metro Station, Saat Rasta, and the Eastern Express Highway.

  
  


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  Mahim (Nayanagar): Previously used as a metro tunneling site, this plot has been cleared of encumbrances after relocating slum dwellers. As per Mumbai’s Development Plan 2034, the land is designated for institutional use, potentially housing educational or research facilities.

  
  


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  Marol (Andheri East): MMRCL plans to develop a commercial 10-storey structure above the Marol Naka Metro Station on an 895.5-sq-metre plot through a PPP model.

  
  


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  Dharavi: A smaller yet significant parcel of 420 sq metres is being offered for development. Though the total area spans 4,805 sq metres, much of it is occupied by metro infrastructure. The site is strategically located near the upcoming Dharavi Metro Station and the Mahim-Sion Link Road.

  
  

The selected transaction advisors will oversee structuring deals, financial appraisals, and bidding processes to maximize the land’s value. The initiative is expected to play a crucial role in funding Mumbai’s metro network expansion and enhancing urban infrastructure development.

ET