NABARD Acquires Prime Commercial Property in Mumbai's BKC for ₹351 Crore
NABARD buys leasehold rights for a commercial complex from MTNL for a 2,680 sq m plot in Mumbai's BKC for ₹351 crore
Hindustan Times
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The National Bank for Agriculture and Rural Development (NABARD) has purchased leasehold rights for a 2,680 sq m commercial property in Mumbai's Bandra-Kurla Complex (BKC) from Mahanagar Telephone Nigam Limited (MTNL) for ₹350.72 crore. This acquisition includes a 52-year lease and reflects a trend of public sector entities monetizing non-core assets.
- 01The property transaction was executed on May 8, 2026, with a stamp duty payment of ₹21.04 crore.
- 02NABARD will manage approximately 4,021.43 sq m of built-up space across two buildings in BKC.
- 03MTNL assigned the leasehold rights after obtaining MMRDA's consent in February 2026.
- 04BKC is known as India's costliest commercial district, housing major corporations and government institutions.
- 05Recent transactions in BKC include the National Stock Exchange leasing over 1 lakh sq ft for ₹1,684 crore.
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The National Bank for Agriculture and Rural Development (NABARD) has successfully acquired leasehold rights for a prime commercial property in Mumbai’s Bandra-Kurla Complex (BKC) from Mahanagar Telephone Nigam Limited (MTNL) for ₹350.72 crore. This transaction, registered on May 8, 2026, involves a land parcel measuring approximately 2,680 sq m and a built-up area of about 4,021.43 sq m. The deal included a stamp duty of ₹21.04 crore. NABARD will now manage the property as a sub-lessee under the Mumbai Metropolitan Region Development Authority (MMRDA), which originally granted an 80-year lease to MTNL in April 1998. This acquisition is part of a larger trend where public sector entities are monetizing legacy land assets to unlock value. BKC is recognized as one of India's most expensive commercial districts, hosting numerous Fortune 500 companies and government institutions. Recent activities in BKC also include the National Stock Exchange's lease of over 1 lakh sq ft for ₹1,684 crore.
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This acquisition allows NABARD to utilize a prime location for its operations, potentially enhancing its institutional capacity and presence in Mumbai.
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