The board of Mahanagar Telephone Nigam (MTNL) has approved the sale of its residential property block in Mumbai’s Bandra Kurla Complex (BKC) to the National Bank for Agriculture and Rural Development (NABARD) for Rs 350.72 crore. 

The government-to-government (G2G) transaction covers the GN Block, comprising 28 residential quarters with a plot area of 2,680 sq. mtrs. and a built-up area of 4,019.02 sq. mtrs. Stamp duty, registration fees, and incidental charges will be borne by NABARD, while MTNL will settle all dues prior to the transfer along with the National Land Monetisation Corporation (NLMC) fee, as per a letter of undertaking dated 29 June, 2025. 

The sale is part of MTNL’s broader asset monetisation strategy and follows approvals under the company’s Articles of Association and the Alternative Mechanism for asset sale.