MTNL Approves ₹891.53 Crore Powai Property Sale

MTNL Approves Major Powai Property Deal

Mahanagar Telephone Nigam Limited has approved the proposed sale of a large property in Powai, Mumbai, to the Income Tax Department for ₹891.53 crore.

The property is located at Plot-C, Technology Street, Powai and covers a land area of approximately 20,895.60 sq m, or about 5.16 acres.

The transaction will take place through a government-to-government transfer or direct sale. The proposal has received MTNL board approval and is based on Presidential Approval and Alternative Mechanism approval.

The transaction remains subject to the formal acceptance of the Income Tax Department.

Powai Land Valued at ₹891.53 Crore

Based on the stated transaction value and land area, the deal implies a land value of approximately ₹42,666 per sq m, or roughly ₹3,964 per sq ft of land area.

The size and value of the transaction make it a significant institutional land deal in Powai, one of Mumbai's established residential and commercial micro-markets.

Part of MTNL's Asset Monetisation

The proposed sale comes as MTNL continues to monetise non-core real estate assets to address its financial liabilities.

The state-owned telecom company had total liabilities of around ₹40,008.52 crore in FY26, while its non-core assets were estimated at approximately ₹50,000 crore.

Real estate monetisation has therefore emerged as an important component of the company's efforts to generate funds from its property portfolio.

Government-to-Government Transaction

Unlike a conventional private real estate transaction, the Powai deal is proposed as a government-to-government transfer to the Income Tax Department.

The transaction demonstrates the substantial underlying value of large institutional land parcels in established Mumbai locations such as Powai.

Sandeep Sadh’s Take:

Large land parcels in Powai are increasingly scarce, making this ₹891.53 crore transaction an important reference for the micro-market. The property's size and institutional location are as significant as the headline deal value.