MTNL Board Approves Sale of BKC Residential Block to NABARD for ₹350.72 Crore

Mumbai: State-run Mahanagar Telephone Nigam Ltd (MTNL) has approved the sale of its residential property located in Mumbai’s Bandra Kurla Complex (BKC) to the National Bank for Agriculture and Rural Development (NABARD) for ₹350.72 crore, according to a stock exchange filing.
The transaction will be executed through a government-to-government (G2G) transfer or direct sale route.

The property comprises 28 residential quarters at GN Block, BKC Quarters, situated on MMRDA Plot No. R-4 in Bandra (East), Mumbai. The plot has an area of 2,680 square metres, while the total built-up area is 4,019.02 square metres.

“…this is to inform you that the Board of Directors… has approved the proposal for the sale of MTNL’s Residential Property, viz., GN Block, BKC Quarters (28 quarters), Plot Area 2,680 sqm and built-up area 4,019.02 sqm, at MMRDA Plot No. R-4, BKC, Bandra (E), Mumbai…to NABARD through Government-to-Government (G2G) transfer/direct sale at Rs 350.72 crore…,” the filing said.

MTNL stated that the approval follows earlier clearances granted by the government.
This is “in accordance with the Presidential approval dated 17.07.2020 under… Articles of Association of MTNL for monetisation of assets and the approval dated 11.11.2025 of the Alternative Mechanism (AM) for the Sale of the Property to NABARD with the following (i) Stamp duty, Registration Fee, Incidental Charges to be borne by NABARD (ii) all dues prior to transfer and NLMC fee as per LoU dated 29.06.2025 to be borne by MTNL,” the filing further said.

Under the agreed terms, NABARD will bear the stamp duty, registration charges and other incidental expenses related to the transfer. MTNL will settle all dues before the handover, including the National Land Monetisation Corporation (NLMC) fee, as outlined in the letter of undertaking dated June 29, 2025.

The sale forms part of MTNL’s ongoing asset monetisation strategy, under which the company is divesting non-core properties to unlock value and raise funds.

By Sana Khan
Executive Editor, Realty Quarter