NABARD buys leasehold rights for commercial complex in Mumbai from MTNL for Rs 351 crore

New Delhi: The National Bank for Agriculture and Rural Development (NABARD), an apex rural development financial institution, has bought leasehold rights for a commercial complex at BKC, Mumbai for Rs 351 crore, according to CRE Matrix.

Real estate data analytics firm CRE Matrix said that NABARD has purchased the leasehold rights for a commercial campus in the Bandra-Kurla Complex (BKC) from MTNL for Rs 350.72 crore.

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The deed was registered in May 2026 with stamp duty of over Rs 21 crore, said CRE Matrix, which has seen and analysed the registration document.

The original 80-year lease was granted by the Mumbai Metropolitan Region Development Authority (MMRDA) to MTNL commencing April 1998. MTNL had leasehold rights until around April 2078.

MTNL obtained MMRDA's consent in February 2026 and then assigned the entire unexpired around 52-year lease to NABARD.

The total land size is 2,680 square metre and built-up area 4,021.43 square metre.

NABARD, which will now be the sub-lessee/leaseholder directly under MMRDA, has taken over the property with about 4,021 square metre of built-up space across two buildings at BKC Plot R-4 for its own institutional use.

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NABARD would bear all future ground rent (if any), transfer fees, differential premium, municipal taxes and maintenance directly to MMRDA/authorities from March 30, 2026 onwards.

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