India, May 16 -- The cash-strapped Mahanagar Telephone Nigam Limited (MTNL) has sold the leasehold rights of its prime property in the Bandra Kurla Complex (BKC) to the National Bank for Agriculture and Rural Development (Nabard) for Rs.350.72 crore, according to transaction documents accessed by HT. The deal, part of the government-owned telecom company's asset monetisation plan, was formalised earlier this month.

The 2,680 sq m plot, located in BKC's GN Block, houses a building with a built-up area of 4,021.43 sq m. The Mumbai Metropolitan Region Development Authority (MMRDA) had originally leased the land to MTNL in April 1998 for 80 years. MTNL has now transferred the remaining 52 years of the lease to Nabard.

MTNL approved the tran...