MTNL has approved the sale of its BKC residential property in Mumbai to NABARD. |
Mumbai: State-owned telecom company Mahanagar Telephone Nigam Limited (MTNL) has approved the sale of one of its residential properties located in Mumbai’s Bandra Kurla Complex (BKC). The property will be sold to the National Bank for Agriculture and Rural Development (NABARD) for a total value of Rs 350.72 crore.
MTNL shared this information through an official regulatory filing on Monday. The company said the decision was approved by its board of directors through a circular resolution passed the same day. 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.
The property being sold is known as the GN Block of BKC Quarters. It consists of 28 residential flats meant for housing. The property is located on MMRDA Plot No. R-4 in Bandra (East), one of Mumbai’s prime business and residential areas. The total land area of the plot is 2,680 square metres, while the total built-up area of the residential block is 4,019.02 square metres.
MTNL stated that the sale will be carried out either through a government-to-government (G2G) transfer or a direct sale to NABARD. This transaction is part of MTNL’s larger plan to raise funds by selling or monetising its assets. The company said the sale follows Presidential approval granted on July 17, 2020, under Article 69(f) of its Articles of Association, which allows asset monetisation.
In addition, the deal has received approval from the Alternative Mechanism on November 11, 2025. This approval was specifically for transferring the BKC housing property to NABARD.
As per the agreed terms, NABARD will pay for stamp duty, registration charges and any other costs related to the transfer of the property. MTNL, however, will clear all outstanding dues related to the property before the transfer takes place. MTNL will also pay the required fee to the National Land Monetisation Corporation (NLMC), based on a letter of undertaking issued on June 29, 2025.
The sale is expected to help MTNL generate funds and reduce financial pressure.
