State-owned telecom operator Mahanagar Telephone Nigam Limited (MTNL) has secured board approval to sell one of its prime residential assets in Mumbai’s Bandra Kurla Complex (BKC) to the National Bank for Agriculture and Rural Development (NABARD) for Rs 350.72 crore. The move forms part of MTNL’s broader strategy to monetise underutilised assets and strengthen its financial position.
The property, known as the GN Block of BKC Quarters, comprises 28 residential flats located on MMRDA Plot No. R-4 in Bandra (East). Spanning 2,680 square metres of land with a built-up area of 4,019.02 square metres, the block sits in one of Mumbai’s most coveted business and residential hubs. The transaction is set to proceed either through a government-to-government (G2G) transfer or a direct sale to NABARD. “The sale reflects MTNL’s continued focus on unlocking value from surplus assets while maintaining compliance with regulatory frameworks,” an official said. Presidential approval for such asset monetisation was granted in 2020 under Article 69(f) of MTNL’s Articles of Association, and the deal has also received clearance from the Alternative Mechanism as of November 11, 2025.
Under the terms of the agreement, NABARD will bear stamp duty, registration charges, and any additional costs related to property transfer. MTNL has committed to clearing all outstanding dues associated with the housing block before completion. The company will also remit applicable fees to the National Land Monetisation Corporation (NLMC) in line with a prior undertaking issued in June 2025. Urban affairs and real estate experts note that this transaction is emblematic of an emerging trend among public sector entities in Mumbai to monetise surplus real estate in high-demand locations. “Strategically, these sales not only bolster institutional finances but also offer potential for urban redevelopment aligned with sustainable and equitable city planning,” an industry analyst observed.
The GN Block transaction underscores the significance of integrating financial prudence with urban real estate management. By transferring ownership to NABARD, a government-backed institution, MTNL ensures continuity of use for public sector housing while generating capital for operational and strategic purposes. Analysts highlight that such asset monetisation can also create opportunities for modernising city infrastructure and potentially reducing the environmental footprint associated with underutilised properties. As Mumbai continues to evolve as a high-density financial hub, the sale of strategic properties by public sector undertakings like MTNL represents a balanced approach to fiscal responsibility, urban optimisation, and long-term city planning.
MTNL Moves Ahead With 350 Crore BKC Property Transaction To NABARD
