MTNL board clears ₹350.72 cr sale of Mumbai's BKC housing block to Nabard

MTNL's board has cleared the sale of its BKC housing block in Mumbai to Nabard for ₹350.72 crore, with the deal to be carried out through a government-to-government transfer

State-run telecom firm Mahanagar Telephone Nigam Limited (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, the company said in a regulatory filing on Monday.

 

MTNL said its board of directors approved the transaction through a circular resolution passed on Monday. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements (Sebi LODR) Regulations, 2015.

 

Details of the property sold

 

The property includes the GN Block of BKC Quarters, comprising 28 residential units. It is located on MMRDA Plot No. R-4 in Bandra (East), Mumbai. The plot spans an area of 2,680 sq metres, with a total built-up area of 4,019.02 sq metres.

 

The sale will be carried out through a government-to-government (G2G) transfer or direct sale to NABARD. MTNL said the transaction is in line with the Presidential approval granted on July 17, 2020, under Article 69(f) of the company’s Articles of Association for monetisation of assets.

 

The sale has also received approval from the Alternative Mechanism on November 11, 2025, specifically for transferring the property to Nabard.

 

Who will bear the costs

 

According to the approved terms, Nabard will bear the stamp duty, registration fees and other incidental charges related to the transfer. However, MTNL will clear all dues linked to the property prior to the transfer and pay the fee to the National Land Monetisation Corporation (NLMC) as per a letter of undertaking dated June 29, 2025.