NEW DELHI: The board of Mahanagar Telephone Nigam Ltd (MTNL), a state-run entity, has sanctioned the sale of its residential property block in Bandra Kurla Complex (BKC), Mumbai, to NABARD for ₹350.72 crore through a government-to-government direct sale, as stated in a BSE filing on Monday.
The National Bank for Agriculture and Rural Development (NABARD) will cover the stamp duty, registration fees, and any associated charges, while MTNL will be responsible for any dues prior to the transfer and the NLMC (National Land Monetisation Corporation) fee outlined in a letter of undertaking dated June 29, 2025.
MTNL’s residential property block encompasses a plot area of 2,680 sqm with a built-up area of 4,019.02 sqm.
“This is to inform you that the Board of Directors has approved the proposal for the sale of MTNL’s Residential Property, specifically GN Block, BKC Quarters (28 quarters), Plot Area 2,680 sqm and built-up area 4,019.02 sqm, at MMRDA Plot No. R-4, BKC, Bandra (E), Mumbai, to NABARD via Government-to-Government (G2G) transfer/direct sale for ₹350.72 crore,” the filing detailed.
This decision is in accordance with the Presidential approval dated July 17, 2020, and the Articles of Association of MTNL concerning asset monetization, along with the Alternative Mechanism (AM) approval dated November 11, 2025, for the sale to NABARD. The responsibilities include (i) NABARD covering stamp duty, registration fees, and incidental charges, and (ii) MTNL assuming liability for all dues prior to transfer and the NLMC fee as per the letter of undertaking dated June 29, 2025.
