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• National Bank for Agriculture and Rural Development has acquired leasehold rights for a commercial complex in Bandra-Kurla Complex, Mumbai, from Mahanagar Telephone Nigam Limited for INR 350.72 crore.
• The transaction, registered in May 2026, involves an unexpired lease period of around 52 years for a property originally leased by Mumbai Metropolitan Region Development Authority in 1998.
• The asset comprises nearly 2,680 sq m of land and over 4,021 sq m of built-up space spread across two buildings at BKC Plot R-4.
• NABARD has taken over the property for institutional use and will directly hold the sub-lease under MMRDA.
• The financial institution will also assume future liabilities related to ground rent, taxes, maintenance charges and transfer-related payments from March 30, 2026 onwards.
National Bank for Agriculture and Rural Development has acquired leasehold rights for a commercial property in Mumbai’s Bandra-Kurla Complex (BKC) from Mahanagar Telephone Nigam Limited for INR 350.72 crore, according to property registration documents reviewed by real estate data analytics firm CRE Matrix. Advertisement
The transaction was registered in May 2026 with stamp duty payments exceeding INR 21 crore. The deal pertains to a commercial campus located at BKC Plot R-4, comprising approximately 4,021.43 sq m of built-up area across two buildings and a land parcel measuring 2,680 sq m.
CRE Matrix stated that NABARD has purchased the leasehold rights from MTNL after the telecom company secured consent from the Mumbai Metropolitan Region Development Authority in February 2026 for the assignment of the remaining lease tenure.
The original lease for the property had been granted by MMRDA to MTNL for a period of 80 years beginning April 1998, giving the telecom company leasehold rights until around April 2078. Following the latest transaction, NABARD has acquired the unexpired portion of the lease, estimated at nearly 52 years.
With the transfer completed, NABARD will function as the sub-lessee and leaseholder directly under MMRDA. The institution has acquired the property for its own operational and institutional requirements in Mumbai’s financial district.
The registration documents reviewed by CRE Matrix indicated that NABARD will bear all future liabilities associated with the property from March 30, 2026 onwards. These include ground rent, if applicable, transfer fees, differential premium payments, municipal taxes and maintenance charges payable to MMRDA and other statutory authorities.
Bandra-Kurla Complex remains one of Mumbai’s primary commercial and institutional districts, housing offices of financial institutions, multinational corporations, regulators and government agencies. Transactions involving long-term leasehold rights in the business district have continued to attract institutional occupiers seeking owned operational space amid limited availability of large commercial plots.
Source - PTI
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