MTNL board approves ₹351 crore sale of GN Block residential property in Mumbai to NABARD

State-run telecom company Mahanagar Telephone Nigam Ltd (MTNL) on Monday (December 15) has approved the sale of its residential property at Bandra Kurla Complex (BKC), Mumbai, to the National Bank for Agriculture and Rural Development (NABARD) for ₹350.72 crore.

MTNL said its Board of Directors, through a circular resolution dated December 15, 2025, cleared the proposal for the sale of the GN Block, BKC Quarters. The asset comprises 28 residential quarters located at MMRDA Plot No. R-4, BKC, Bandra (East), Mumbai.

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The property has a plot area of 2,680 square metres and a built-up area of 4,019.02 square metres. The transaction will be executed through a government-to-government transfer or direct sale to NABARD. The transaction also has the approval of the Alternative Mechanism (AM), granted on November 11, 2025, for the sale of the property to NABARD.

As part of the approved terms, stamp duty, registration fees and incidental charges related to the transfer will be borne by NABARD. MTNL will bear all dues prior to the transfer as well as the National Land Monetisation Corporation (NLMC) fee, as per the letter of undertaking dated June 29, 2025.

Shares of Mahanagar Telephone Nigam Ltd ended at ₹36.05, down by ₹0.81, or 2.20%, on the BSE.

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