MTNL board approves Rs 350.72 crore sale of BKC residential property to NABARD

New Delhi: State-owned Mahanagar Telephone Nigam Limited (MTNL) has approved the sale of its residential property located at Bandra Kurla Complex (BKC), Mumbai, to the National Bank for Agriculture and Rural Development (NABARD) for Rs 350.72 crore, as part of its asset monetisation programme.

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In a regulatory filing, MTNL said that its Board of Directors, through a circular resolution passed on December 15, 2025, approved the sale of GN Block, BKC Quarters, comprising 28 residential quarters. The property is situated on MMRDA Plot No. R-4, BKC, Bandra (East), Mumbai, with a plot area of 2,680 square metres and a built-up area of 4,019.02 square metres.

The transaction will be executed through a Government-to-Government (G2G) transfer/direct sale to NABARD. The sale is in accordance with the Presidential approval dated July 17, 2020, granted under Article 69(f) of MTNL’s Articles of Association for asset monetisation, and the approval of the Alternative Mechanism (AM) dated November 11, 2025, for the sale of the property to NABARD .

As per the approved terms, stamp duty, registration fees and incidental charges related to the transaction will be borne by NABARD, while all dues prior to transfer and the NLMC fee, in line with the Letter of Understanding dated June 29, 2025, will be borne by MTNL .

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