Real Estate

Real Estate Transactions

Nabard acquires leasehold rights to MTNL’s BKC campus in Mumbai in Rs.351-Cr deal

Economic Times   National Bank for Agriculture and Rural Development  

The National Bank for Agriculture and Rural Development (NABARD) has acquired the leasehold rights to a commercial campus located in the Bandra-Kurla Complex in Mumbai from the state-run telecom company Mahanagar Telephone Nigam Ltd (MTNL). The transaction is valued at INR 350.72 crore.The acquired property consists of a land parcel spanning nearly two-thirds of an acre, featuring two buildings with a total built-up area of approximately 43,287 sq ft. The bank intends to use the premises for its institutional operations and administrative functions.Following approval from the Mumbai Metropolitan Region Development Authority (MMRDA) in February, MTNL has assigned the remaining lease tenure of about 52 years to the bank.