MTNL board approves sale of residential block in BKC Mumbai to Nabard for Rs 350.72 cr

New Delhi, Dec 15 (PTI) The board of state-run Mahanagar Telephone Nigam Ltd (MTNL) has approved proposal for the sale of its residential property block in Bandra Kurla Complex (BKC), Mumbai, to Nabard via government-to-government transfer/direct sale for Rs 350.72 crore, according to a BSE filing on Monday.

Stamp duty, registration fee, and incidental charges are to be borne by National Bank for Agriculture and Rural Development (NABARD), while all dues prior to transfer and NLMC (National Land Monetisation Corporation) fee as per letter of undertaking dated June 29, 2025 will be borne by MTNL.

MTNL's residential property block has a plot area 2,680 sqm and built-up area 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, viz., 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 through Government-to-Government (G2G) transfer/direct sale at Rs 350.72 crore...," the filing said.

This is "in accordance with the Presidential approval dated 17.07.2020 under... Articles of Association of MTNL for monetisation of assets and the approval dated 11.11.2025 of the Alternative Mechanism (AM) for the Sale of the Property to NABARD with the following (i) Stamp duty, Registration Fee, Incidental Charges to be borne by NABARD (ii) all dues prior to transfer and NLMC fee as per LoU dated 29.06.2025 to be borne by MTNL," the filing further said. PTI MBI TRB