Overview

• The Mumbai Metro Rail Corporation executed a sale deed on September 5 transferring about 16,842 square metres at Nariman Point to the Reserve Bank of India for Rs 3,471.82 crore to finance the Metro-3 corridor.
• Congress calls the decision arbitrary and alleges the land was undervalued versus a claimed market price of roughly Rs 5,200 crore, asserting a loss of nearly Rs 1,800 crore to the state.
• Party leaders cite a 2015 government order and a 2016 letter from then chief minister Devendra Fadnavis that promised replacement party offices at the same site after Metro-3 work.
• MMRC says the transaction followed due approvals, adds that RBI paid the full negotiated price plus an additional rehabilitation amount deposited with MMRC for transfer to the state to relocate offices.
• The parcel provides about 16 lakh sq ft of buildable area with 1.13 lakh sq ft reserved for rehabilitation, while two phases of Metro-3 are running and the final stretch is expected to be completed soon.