NABARD, a leading financial institution focused on rural development, has acquired leasehold rights for a commercial complex located in BKC, Mumbai for Rs 351 crore, as reported by CRE Matrix. According to the real estate data analytics firm CRE Matrix, the National Bank for Agriculture and Rural Development (NABARD) has secured the leasehold rights for a commercial campus in the Bandra-Kurla Complex (BKC) from MTNL for Rs 350.72 crore.
The registration of the deed took place in May 2026, with a stamp duty exceeding Rs 21 crore, as stated by CRE Matrix, which has reviewed and analyzed the registration document. The initial 80-year lease was granted by the Mumbai Metropolitan Region Development Authority (MMRDA) to MTNL, starting in April 1998.
MTNL held leasehold rights until approximately April 2078. MTNL received MMRDA’s approval in February 2026 and subsequently assigned the remaining lease of about 52 years to NABARD. The total land area measures 2,680 square meters, with a built-up area of 4,021.43 square meters. NABARD, which will now act as the sub-lessee/leaseholder directly under MMRDA, has taken possession of the property, which includes approximately 4,021 square meters of built-up space across two buildings at BKC Plot R-4 for its institutional purposes.
NABARD will be responsible for all future ground rent (if applicable), transfer fees, differential premium, municipal taxes, and maintenance directly to MMRDA/authorities starting from March 30, 2026.
