NEW DELHI: NABARD, the premier rural development financial body, has acquired leasehold rights for a commercial complex at BKC, Mumbai for ₹351 crore, as reported by CRE Matrix.
According to real estate analytics firm CRE Matrix, the National Bank for Agriculture and Rural Development (NABARD) secured these rights from MTNL for ₹350.72 crore.
The registration deed was finalized in May 2026, incurring a stamp duty exceeding ₹21 crore, as confirmed by CRE Matrix after reviewing the documentation.
The original lease of 80 years was issued by the Mumbai Metropolitan Region Development Authority (MMRDA) to MTNL, starting from April 1998. MTNL maintained these leasehold rights until approximately April 2078.
In February 2026, MTNL received consent from MMRDA and subsequently assigned its remaining lease (around 52 years) to NABARD.
The commercial property spans 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, will manage the property, consisting of approximately 4,021 square meters of built-up space across two buildings at BKC Plot R-4, for its institutional purposes.
From March 30, 2026, NABARD will be responsible for all future ground rent (if applicable), transfer fees, differential premiums, municipal taxes, and maintenance directly to MMRDA/authorities.
