Mumbai, May 15: The National Bank for Agriculture and Rural Development (NABARD) has acquired leasehold rights for a prime commercial property in Mumbai’s Bandra-Kurla Complex (BKC) from state-run telecom company Mahanagar Telephone Nigam Limited (MTNL) for Rs 350.72 crore, according to property registration documents received from CRE Matrix, a real estate data analytics firm.
Leasehold rights transferred in BKC deal
The transaction pertains to Plot No. R-4 in the GN Block of BKC at Bandra East and involves the transfer of leasehold rights for a two-building commercial campus spread across 2,680 square metres of land with a built-up area of 4,021.43 square metres.
The deal was executed through a Deed of Assignment of Leasehold Property registered on May 8, 2026. NABARD paid stamp duty of Rs 21.04 crore for the transaction.
Under the agreement, MTNL, the original lessee, assigned all its leasehold rights in the property to NABARD after obtaining consent from the Mumbai Metropolitan Region Development Authority (MMRDA), which remains the original lessor of the land parcel.
Lease tenure extends till 2078
Documents show that the original lease for the property was granted by MMRDA to MTNL in April 1998 for a period of 80 years, leaving an unexpired lease tenure of around 52 years. Following the transaction, NABARD has effectively stepped into the position of the leaseholder and will hold rights to the property until around 2078.
The property is located in BKC, Mumbai’s key financial and commercial district, which houses several banking institutions, multinational companies, and government offices.
As part of the transfer, NABARD will now assume responsibility for all future payments linked to the property, including ground rent, transfer charges, differential premium, municipal taxes, and maintenance charges payable to MMRDA and other authorities from March 30, 2026 onwards.
Property likely to house institutional operations
Sources familiar with the transaction said the premises are expected to be used for NABARD’s institutional and office operations in Mumbai.
The agreement also records that the transaction amount has been fully paid and settled, with MTNL providing complete and irrevocable discharge of its rights and claims over the property.
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The acquisition marks another significant institutional real estate transaction in BKC, where demand for premium office and institutional space has remained strong despite limited land availability.
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