The board of Mahanagar Telephone Nigam (MTNL) has sanctioned the sale of its residential property block located in Mumbai’s Bandra Kurla Complex (BKC) to the National Bank for Agriculture and Rural Development (NABARD) for a sum of Rs 350.72 crore.
This government-to-government (G2G) transaction pertains to the GN Block, which consists of 28 residential quarters, encompassing a plot area of 2,680 sq. mtrs. and a built-up area of 4,019.02 sq. mtrs.
NABARD will be responsible for the payment of stamp duty, registration fees, and any incidental charges, while MTNL is obligated to clear all outstanding dues prior to the transfer, along with the fee for the National Land Monetisation Corporation (NLMC), as stipulated in a letter of undertaking dated 29 June, 2025.
This sale is a component of MTNL’s extensive asset monetisation strategy and follows the necessary approvals in accordance with the company’s Articles of Association and the Alternative Mechanism for asset disposal.
